Ford Motor To Take $800 Million Charge on Venezuelan Currency
Ford Motor Company (NYSE: F) announced Friday that it would take a one-time $800 million pre-tax charge due to challenges with Venezuelan operations. Ford said that the charge will cause operating income to fall by $700 million when it reports earnings next Thursday.
Ford does not expect it to impact the full-year pre-tax profit, which it expects at $6 billion.
Ford has been unable to exchange Venezuelan bolivars for U.S. dollars due to extreme devaluation and capital controls. The Wall Street Journal reports that this charge could result in a net loss for the first time since the recession.
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