Earnings Review / Ford Otosan (FROTO TI) - Operationally in-line: Maintain Hold
Ford Otosan posted TRY354m net income in 3Q18, slightly below RT consensus of TRY384m and our estimate of TRY379m. Although the operating performance was broadly in-line with our estimate, higher-than-expected taxation dragged down the bottom-line in 3Q18. Following 3Q18 results, the company cut its 2018 guidance.
Ford Otomotiv Sanayi is an automobile manufacturing company based in Turkey. Co. operates as a joint venture between Ford Motor Company and the Koc Group of Companies. Co. is engaged in manufacturing, assembling and selling motor vehicles, primarily commercial vehicles, imports and sells passenger cars and manufactures and imports and sells spare parts of those vehicles. Co. has two plants located in Kocaeli and Eskisehir, has a spare part distribution warehouse in Kartal, Istanbul and a branch in Tubitak Marmara Research Centre, Gebze Campus Technological Free Zone (TEKSEB).
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