Ford sees $1.7 bln hit to fourth-quarter results

(Reuters) – Ford Motor (F.N), opens new tab said on Wednesday it expects to record a pre-tax remeasurement loss of about $1.7 billion, related to its employees pension and other post-retirement benefits, in its fourth-quarter results.
On an after-tax basis, Ford says the loss will lower its net income by around $1.3 billion.
The Detroit automaker said the loss was driven by lower discount rates from a year ago.

A remeasurement loss relates to losses arising from a company re-evaluating the value of long-term assets or foreign currency.
Ford’s announcement comes a week ahead of Detroit rival General Motors’ (GM.N), opens new tab fourth-quarter results and two weeks before its own.

Reporting by Nathan Gomes in Bengaluru; Editing by Shilpi Majumdar