随着新关税压力现金流量，福特的6％股息受到威胁

福特汽车公司（NYSE：F）正面临其6％的股息收益率的越来越大压力，由于新的美国进口关税和削弱利润率预测的影响，越来越有可能降低。

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） - 福特汽车（NYSE：F）正面临越来越多的压力，以减少其6％的股息收益率，因为新的美国进口关税和削弱利润率预测会威胁到公司维持其支出的能力。

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年中以来，这家汽车制造商一直保持15美分的季度股息，可能会被迫降低股息，因为今年的自由现金流量大幅缩小。

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.

福特股息的稳定性正在受到现金流的恶化前景的挑战。该公司去年支付了31亿美元的股息，净收入为59亿美元。

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，福特预测其2025年自由现金流将降至35亿美元 - 45亿美元，从上一年的67亿美元下降。这减少了FCF，这在很大程度上是由于特朗普政府对加拿大和墨西哥进口的关税的推动，威胁到该公司维持其当前股息的能力。

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.

由于25％的进口关税以及额外的钢铁和铝关税，生产成本增加，福特的保证金压缩可能会迫使削减支出。

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月初生效的新关税正在为福特的成本结构增加压力。进口材料的支出更高可能会侵蚀已经稀疏的利润率，而资源为股息提供了较少的资源。

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

如果关税保留或扩大，则进一步缩小了福特的FCF，降低股息就会更有可能。

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％收益率高于通用汽车（NYSE：GM）1％的收益率，但正接近Stellantis（NYSE：STLA）的水平，该水平最近在现金流方面的股息中减半。

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决定分配超过其FCF所能支持的更多现金引起的批评，福特也可能必须考虑保持竞争力。

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.

为了保留现金，福特还在减慢其电动汽车投资。由于EV的需求较弱，该公司正在暂停其计划的一些扩展。

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.

此举可以释放股息资本，但会带来风险。减少其电动汽车焦点可能会使福特落后，因为行业枢纽是电气化。

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

尽管面临挑战，但福特的股票表现出了一些韧性，一年一度地上升了1％，超过了更广泛的标准普尔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进行调查的分析师预计，该公司可能会在下一季度将其季度股息减少到每股12美分，这反映了其收缩的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，福特还通过股票回购将现金返还给股东，去年花费了4.26亿美元。

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，随着现金流量的减少，股息和回购的结合可能很快就会超过福特的FCF能力，进一步扭转了其财务状况。

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.

总体而言，福特的股息支出越来越有风险，因为关税对盈利能力和现金流量有所压力。该公司是否选择适度的削减还是更大的减少将取决于关税影响的全部范围及其管理成本前进的能力。

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

本·布罗迪（Ben Brody）在纽约的报道；比尔·特罗克（Bill Troc）编辑