Tags: ford | brexit | currency | hit

Ford Braced for $600 Million Brexit Currency Hit in 2017

Image: Ford Braced for $600 Million Brexit Currency Hit in 2017

(AP/Alan Diaz)

Friday, 27 Jan 2017 06:13 AM

Ford's 2017 earnings will be hit by a delayed currency impact of at least $600 million from Britain's referendum vote to leave the EU, the U.S. carmaker told Reuters on Friday, putting last year's record European profit levels beyond reach.

Currency hedges that had shielded Ford from the pound's slump following the June 23 Brexit referendum are expiring in the first three months of 2017, Ford of Europe boss Jim Farley said in an interview.

"When Brexit happened we were fully hedged for the first quarter with the stronger pre-Brexit exchange rate," Farley said. "As we enter the rest of the year, especially the second half, we now face the full effects of the weaker sterling."

© 2017 Thomson/Reuters. All rights reserved.

   
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Ford's 2017 earnings will be hit by a delayed currency impact of at least $600 million from Britain's referendum vote to leave the EU, the U.S. carmaker told Reuters on Friday, putting last year's record European profit levels beyond reach.
ford, brexit, currency, hit
116
2017-13-27
Friday, 27 Jan 2017 06:13 AM
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