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$F reported 4Q17 revenue of $41.3Bil, up 6.7%, amidst unfavorable forex rates and higher commodity prices. The second-largest US automaker swung to a profit of $2.4Bil, or $0.60 per share, from a loss in the year-ago quarter. Excluding one-off items, net income during this period was 39 cents per share.
Industrial manufacturing firm $WNC has appointed Mike Pettit as SVP and Group President for its Final Mile Products division, effective January 1, 2018. Pettit joined Wabash in 2012 as Director of Finance for Commercial Trailer Products, and went on to become VP of Finance and Investor Relations in 2014. Earlier, he held finance positions at $F.
$F CEO James Hackett refused to disclose any specifics regarding the company's long-term strategies. However, he said the company is making considerable strides in the smart vehicle arena, with regards to conceptualization and market identification.
Thanks to the new CEO's aggressive cost cutting measures, $F reported 63% growth in 3Q17 net earnings to $1.6Bil, or $0.39 per share. On an adjusted basis, $F earned $0.43 per share during the quarter. Sales inched up 1% to $36.5Bil, amidst concerns over a saturated market. CEO Jim Hackett had earlier vowed to cut $14Bil of costs in five years.
$DPZ and $F launched an industry-first collaboration to understand the role that self-driving vehicles can play in pizza delivery. As part of the testing, researchers from both companies will investigate customer reactions to interacting with a self-driving vehicle as a part of their delivery experience.
$F issued a safety recall for certain vehicles. The affected vehicles include: Ford Edge vehicles built at Oakville Assembly Plant, April 25 to June 20, 2017, Ford Fusion vehicles built at Hermosillo Assembly Plant, May 4 to June 15, 2017, and Lincoln MKZ vehicles built at Hermosillo Assembly Plant, May 4 to June 19, 2017.
$F issued a safety recall for certain vehicles with 6F35 transmissions to replace torque converters. In the affected vehicles, if the welded studs detach, the torque converter will lose coupling to the engine flexplate. This can result in loss of motive power without warning while driving, which may increase the risk of a crash.