Ford Motor Company (NYSE:F) has announced that it would be recalling an estimated 412,000 of its older SUVs, to fix fuel leaks that pose the risk of fires. The recall includes Ford Escapes, released between 2010 and 2012 and Mercury Mariners, released between 2010 and 2011, with 3-liter flex-fuel V6 engines. The company has stated that one of fuel supply parts tends to develop a crack, which causes the leak.
Although the recall has been initiated worldwide, most of the recalled vehicles are currently in North America. The company has further stated that so far it has not received reports of any accidents or fires, caused due to the leak. Ford dealers have been asked to replace the fuel delivery module flange, without charging the customers. Moreover, customers using the aforementioned vehicles have been asked to contact their dealer if they suspect problems or smell gasoline.
The news comes just a day before the company is scheduled to announce its 3Q2016 financial results. Ford would release its earnings report for the period at 7 a.m. EDT, on October 27. This would be followed by a conference call, to be conducted at 9 a.m. EDT. The company’s CEO and CFO, Mark Fields and Bob Shanks, respectively, would host the call to discuss the results. At 11 a.m. EDT, the CEO and CFO of Ford Credit, Joy Falotico and Marion Harris, respectively, would discuss the financial condition of Ford Credit. Both calls are listen-only and would be available at the company’s shareholder webpage, later in the day.
In addition to this, F had earlier announced that it would be issuing a quarterly dividend of $0.15 per share, to the shareholders of Ford’s Class B and common stock. The dividend has remained unchanged during the year and continues to be so. Ford is expected to pay the dividends on December 1, 2016, to shareholders of record on October 27, 2016.
Ford Motor Company (NYSE:F) experienced a trade volume of 36.22 million and gained 0.25% in terms of its share value, during the October 26 trading session. The stock closed at a share price of $11.88.