By Max A. Cherney
Analysts surveyed by FactSet had estimated second-quarter adjusted earnings of 31 cents a share on revenue of $38.49 billion
Ford Motor Co. shares fell more than 7% in the extended session Wednesday after it reported below-consensus earnings and revenue.
The auto maker's full-year earnings outlook was also weaker than expected.
The company reported second-quarter net income of $148 million, or 4 cents a share, compared with $1.07 billion, or 27 cents a share, in the year-ago period. Adjusted for global restructuring, among other items, earnings were 28 cents a share. Revenue fell to $38.85 billion from $38.92 billion in the year-ago period.
"Midway through this key year of action, we are pleased with the progress we are making toward creating a more dynamic and profitable business," Chief Executive Jim Hackett said in a statement. "In this time of profound change in our industry, Ford has amazing opportunities to delight customers, innovate and collaborate in new ways, and create value."
Analysts surveyed by FactSet had estimated adjusted earnings of 31 cents a share on revenue of $38.49 billion.
For the third quarter, analysts model adjusted earnings of 34 cents a share on sales of $37.51 billion. Ford said it expects 2019 adjusted earnings of $1.20 to $1.35 a share, while analysts expect adjusted earnings of $1.40 a share.
Ford (F) stock has gained 34.8% this year, with the S&P 500 index rising 20%.
-Max A. Cherney; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 24, 2019 16:30 ET (20:30 GMT)
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