Ford Motor Co. today reported that its profit for the second quarter was down 9 percent to $1.97 billion and cautioned that declining market demand and the launch of its new aluminum-bodied Super Duty may make its second-half results “much weaker than normal.”

Despite posting record pretax profits and margins for the first two quarters, company executives warned that Ford could miss its targets for the year and that cuts were being made as part of a series of “profit improvement actions.”

Ford attributed its somber outlook to increasing incentives in the U.S. market, a decline in prices in China and the United Kingdom’s decision to leave the European Union.

Second quarter revenue at Ford was up 6 percent to $39.5 billion.

For its North American operation, Ford reported a pretax profit of $2.7 billion for the quarter, down 5.3 percent from 2015.