Ford Stock Drops After EV Revenue Drops, Earnings Miss Estimates

Ford Motor (F) shares took a awesome deed successful precocious trading Wednesday aft nan automaker’s 2nd 4th net fell short of expectations.

The institution posted earnings per stock (EPS) of $0.46, down somewhat year-over-year and beneath analysts’ expectations of $0.55, according to Visible Alpha. Revenue came successful astatine $47.8 billion, topping expectations of $46.6 billion. Net income dropped much than 4% to $1.83 billion, which nan institution attributed successful portion to an summation successful warranty reserves.

Looking ahead, Ford maintained its full-year guidance scope of $10 cardinal to $12 cardinal successful adjusted earnings. The Ford Model e section is expected to station a full-year nonaccomplishment betwixt $5 cardinal and $5.5 billion.

Shares of Ford tumbled astir 11% successful aftermarket trading. They were down much than 1% successful nan regular session.  

Ford Model e, nan company’s electrical conveyance division, saw gross autumn 37% year-over-year to $1.1 billion. Ford past week said a Canadian works scheduled to beryllium converted to EV manufacturing would alternatively beryllium utilized to expand production of its Super Duty pickup trucks.

Ford Blue, its rider gas-powered cars and hybrids, drew gross of $26.7 billion, while nan Ford Pro commercialized conveyance section brought successful $17 billion, up 7% and 9%, respectively.