(In paragraph 2, corrects year to 2016 from 2017)
DETROIT Jan 10 Ford Motor Co on Tuesday
confirmed that it would be less profitable in 2017 than last
year, even as cross town rival General Motors Co on the
same day gave a much more upbeat forecast that surpassed Wall
Ford, the second largest U.S. automaker, affirmed that it
was on track to deliver about $10.2 billion in adjusted pretax
profit in 2016, matching a forecast it gave previously.
Ford shares initially rose 0.5 percent in extended trading
but by early Tuesday evening were flat with their closing value
of $12.85. GM shares were also trading near their close of
$37.35, up 3.7 percent from the previous day.
Ford said profit would improve in 2018 but in 2017 the
company would be pressured as it increased spending on "emerging
opportunities" like self-driving cars and a rise in other costs.
The company last week said it was on course to deliver a
"high-volume, fully autonomous vehicle for ride sharing in 2021"
and a fully electric small SUV with a range of at least 300
miles on a full charge.
GM, the largest U.S. automaker, said it expected 2017
earnings per share in a range of $6 to $6.50. Analysts had, on
average, predicted the company would post EPS this year of
$5.76, according to Thomson Reuters I/B/E/S.
Ford on Tuesday declared a first-quarter regular dividend of
$0.15 per share and a $200 million supplemental cash dividend,
or an additional $0.05 per share. The regular dividend matched
that of the first quarter of 2016, but the supplemental dividend
was below the $0.25 per share payout announced a year ago.
(Reporting by Bernie Woodall; Editing by Andrew Hay)