隨著新關稅壓力現金流量，福特的6％股息受到威脅

福特汽車公司（NYSE：F）正面臨其6％的股息收益率的越來越大壓力，由於新的美國進口關稅和削弱利潤率預測的影響，越來越有可能降低。

DETROIT, March 25 (Reuters) - Ford Motor (NYSE:F) is facing increasing pressure to reduce its 6 percent dividend yield as new U.S. import tariffs and weakening profitability projections threaten the company’s ability to sustain its payouts.

底特律，3月25日（路透社） - 福特汽車（NYSE：F）正面臨越來越多的壓力，以減少其6％的股息收益率，因為新的美國進口關稅和削弱利潤率預測會威脅到公司維持其支出的能力。

The automaker, which has maintained a 15-cent quarterly dividend since mid-2022, may be forced to trim dividends as its free cash flow shrinks significantly this year.

自2022年中以來，這家汽車製造商一直保持15美分的季度股息，可能會被迫降低股息，因為今年的自由現金流量大幅縮小。

Stability of Ford’s dividend is being challenged by its deteriorating cash flow outlook. The company paid out $3.1 billion in dividends last year, supported by $5.9 billion in net income.

福特股息的穩定性正受到現金流的惡化的挑戰。該公司去年支付了31億美元的股息，淨收入為59億美元。

However, Ford projects its 2025 free cash flow will fall to $3.5 billion-$4.5 billion, a significant drop from $6.7 billion in the prior year. This reduced FCF, largely driven by the Trump administration’s tariffs on Canadian and Mexican imports, threatens the company’s ability to sustain its current dividend.

但是，福特預測其2025年自由現金流將降至35億美元 - 45億美元，從上一年的67億美元下降。這減少了FCF，這在很大程度上是由於特朗普政府對加拿大和墨西哥進口的關稅的推動，威脅到該公司維持其當前股息的能力。

With production costs increasing due to 25 percent import tariffs and additional steel and aluminum duties, Ford’s margin compression could force a payout cut.

由於25％的進口關稅以及額外的鋼鐵和鋁關稅，生產成本增加，福特的保證金壓縮可能會迫使削減支出。

The new tariffs, which took effect in early March, are adding pressure to Ford’s cost structure. Higher expenses on imported materials could erode already thinning margins, leaving fewer resources to fund dividends.

3月初生效的新關稅正在為福特的成本結構增加壓力。進口材料的支出更高可能會侵蝕已經稀疏的利潤率，而資源為股息提供了較少的資源。

If the tariffs remain in place or expand, further shrinking Ford’s FCF, a dividend reduction becomes more probable.

如果關稅保留或擴大，則進一步縮小了福特的FCF，降低股息就會更有可能。

At present, Ford’s 6 percent yield is higher than General Motors' (NYSE:GM) 1 percent yield but is nearing the level of Stellantis (NYSE:STLA), which recently halved its dividend amid cash flow concerns.

目前，福特的6％收益率高於通用汽車（NYSE：GM）1％的收益率，但正接近Stellantis（NYSE：STLA）的水平，該水平最近在現金流方面的股息中減半。

Stellantis' decision to distribute more cash than its FCF could support has drawn criticism, something Ford may also have to consider to remain competitive.

Stellantis決定分配超過其FCF所能支持的更多現金引起的批評，福特也可能必須考慮保持競爭力。

To preserve cash, Ford is also slowing its electric vehicle investments. With weaker-than-expected EV demand, the company is pausing some of its planned expansions.

為了保留現金，福特還在減慢其電動汽車投資。由於EV的需求較弱，該公司正在暫停其計劃的一些擴展。

This move could free up capital for dividends but carries risks. Reducing its EV focus may leave Ford lagging as the industry pivots toward electrification.

此舉可以釋放股息資本，但會帶來風險。減少其電動汽車焦點可能會使福特落後，因為行業樞紐是電氣化。

Despite the challenges, Ford’s stock has shown some resilience, rising 1 percent year-to-date, outpacing the broader S&P 500.

儘管面臨挑戰，但福特的股票表現出了一些韌性，一年一度地上升了1％，超過了更廣泛的標準普爾500。

Analysts polled by Refinitiv anticipate the company will likely reduce its quarterly dividend to 12 cents per share in the coming quarter, reflecting its shrinking FCF.

Refinitiv進行調查的分析師預計，該公司可能會在下一季度將其季度股息減少到每股12美分，這反映了其收縮的FCF。

In addition to dividends, Ford is returning cash to shareholders through stock buybacks, having spent $426 million last year.

除了股息外，福特還通過股票回購將現金返還給股東，去年花費了4.26億美元。

However, with shrinking cash flow, the combination of dividends and buybacks could soon exceed Ford’s FCF capacity, further straining its financial position.

但是，隨著現金流量的減少，股息和回購的結合可能很快就會超過福特的FCF能力，進一步扭轉了其財務狀況。

Overall, Ford’s dividend payout is increasingly at risk as tariffs weigh on profitability and cash flow. Whether the company opts for a modest cut or a larger reduction will depend on the full scope of tariff impacts and its ability to manage costs moving forward.

總體而言，福特的股息支出越來越有風險，因為關稅對盈利能力和現金流量有所壓力。該公司是否選擇適度的削減還是更大的減少將取決於關稅影響的全部範圍及其管理成本前進的能力。

Reporting by Ben Brody in New York; Editing by Bill Troc

本·布羅迪（Ben Brody）在紐約的報導；比爾·特羅克（Bill Troc）編輯