Ford shares fell 7% in extended trading on Wednesday after the company reported second-quarter earnings that fell short of expectations.
Here’s what the company reported vs. what Wall Street analysts expected, based on average estimates compiled by Refinitiv:
- Adjusted earnings per share: 28 cents per share, vs. estimates of 31 cents per share
- Automotive revenue: $35.76 billion vs estimate of $35.07 billion
The automaker said second-quarter net income fell to $148 million, or 4 cents per share, hurt mainly by efforts to restructure its business in Europe and South America. Excluding these charges, Ford earned 28 cents per share, which was lower than the 31 cents per share analysts were expecting.
Ford shares were up more than 34% year-to-date through Wednesday but still down by about 2.6% over the past 12 months. After the earnings release, the stock fell nearly 7% in extended trading.
For 2019, Ford expects to earn $1.20 to $1.35, on an adjusted basis, compared with $1.30 a year earlier.
Ford, which has slashed thousands of jobs this year, is also investing $11 billion by 2022 in electric and hybrid vehicles.
This is a breaking news story. Please check back for updates.
Correction: Ford earned 28 cents per share in the second quarter, falling short of analyst estimates. A previous version of this story excluded a loss from an investment in Pivotal Software.