Ford Lowers Earnings Outlook
Ford Motor (F ) cut its 2005 earnings outlook Friday afternoon, citing "difficult business conditions" affecting the auto industry. The company lowered its 2005 earnings forecast to $1.25 to $1.50 per share from a prior expectation at the low end of a $1.75 to $1.95 range. The company said its full-year guidance excludes special items totaling about 8 cents to 10 cents a share. In addition, the auto maker says it no longer expects to achieve its goal of $7 billion in pretax profits, excluding special items, for 2006, according to news reports. Standard & Poor's Ratings Services said it revised the rating outlook on Ford Motor Co., Ford Motor Credit Co. (Ford Credit), and all related entities to negative from stable.
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