Wednesday, January 11, 2012

Ford Says Thailand Floods Prevented Asia Unit From Making Profit

Ford Motor Co. said floods in Thailand caused a 2011 loss for its Asia Pacific and Africa region, preventing the automaker from achieving its goal to be profitable in all its global business units.

“The impact of the Thai floods is a bit bigger than we anticipated,” Ford Chief Financial Officer Lewis Booth told analysts yesterday in a presentation at the Detroit auto show. “We guided in the third quarter that all business units would be profitable for the full year. We now think that’s no longer possible because of the impact of the Thai floods.”