Ford recalls Explorers over steering controls and more business news – Chattanooga Times Free Press


Ford recalls Explorers over steering controls

Select 2013-17 Ford Explorers have a problem that diminishes steering control and is related to at least 13 reported accidents and six injuries, Ford announced on Wednesday.

The company issued a new safety recall for 375,200 vehicles in North America and Canada to fix a situation related to a previous recall. Ford said some Explorers registered in places where corrosion is common «have experienced a fracture of the outboard section of the rear suspension toe link after completion of a prior safety recall repair.»

This fracture, «significantly diminishes steering control, increasing the risk of a crash,» Ford said in its news release.

The company said it is «aware» of 13 reports of accidents and six reports of injuries related to the condition.

The recall affects approximately 350,000 Explorers in the U.S. and 25,200 in Canada. Those SUVs were built at the Chicago Assembly Plant from Sept. 4, 2012, to Jan. 25, 2017.

American Water Works boosts net income

American Water Works, the parent company of the Chattanooga-based Tennessee American Water Co., boosted its third-quarter net income by 8.9% to $264 million, or $1.46 per share

The results announced Wednesday surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.38 per share.

The water utility posted revenue of $1.08 billion in the period. Company CEO Walter Lynch said American Water invested $450 million during the quarter and added over 47,000 customers through acquisitions and organic growth. In Southeast Tennessee, Tennessee American is preparing to soon take over the water utility that serves Jasper Highlands in Marion County.

American Water Works said it expects full-year earnings in the range of $3.87 to $3.93 per share.

American Water Works shares have climbed 27% since the beginning of the year.

Trade deficit falls from 114-year high

The U.S. trade deficit fell in September after hitting a 14-year high the previous month as exports outpaced imports.

The gap between what the U.S. sells and what it buys abroad fell to $63.9 billion in September, a decline of 4.7%, from a $67 billion deficit in August, the Commerce Department reported Wednesday. September exports rose 2.6% to $176.4 billion, pushed higher by the food and beverage category, where shipments worth $12.9 billion were the highest since July of 2012. Soybean exports rose 63% in September.

Imports ticked up 0.5% to $240.2 billion, also helped by $13.5 billion in the food and beverage category, which were the highest on record.

Year to date, the goods and services deficit has jumped $38.5 billion, or 8.6%, to $485.6 billion. The total deficit for goods and services for the same period in 2019 was $447.1 billion. Total exports are down 17.4% this year from 2019, while imports have declined by 12.4% as the coronavirus pandemic has sabotaged global commerce this year and disrupted global supply chains everywhere.

The politically sensitive deficit in the trade of goods with China fell about 8% in September to $24.3 billion from $26.4 billion in August. Exports to China in September of $11.5 billion were the highest since March of 2018.

— Compiled by Dave Flessner

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