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Key Takeaways
- Ford stock dropped following the company’s second quarter earnings results, which included an earnings miss.
- The company’s EV division saw revenue decline 37% year-over-year.
- Ford reiterated its full-year earnings outlook.
Ford Motor (F) shares took a major hit in late trading Wednesday after the automaker’s second quarter earnings fell short of expectations.
The company posted earnings per share (EPS) of $0.46, down slightly year-over-year and below analysts’ expectations of $0.55, according to Visible Alpha. Revenue came in at $47.8 billion, topping expectations of $46.6 billion. Net income dropped more than 4% to $1.83 billion, which the company attributed in part to an increase in warranty reserves.
Looking ahead, Ford maintained its full-year guidance range of $10 billion to $12 billion in adjusted earnings. The Ford Model e division is expected to post a full-year loss between $5 billion and $5.5 billion.
Shares of Ford tumbled nearly 11% in aftermarket trading. They were down more than 1% in the regular session.
Ford Model e, the company’s electric vehicle division, saw revenue fall 37% year-over-year to $1.1 billion. Ford last week said a Canadian plant scheduled to be converted to EV manufacturing would instead be used to expand production of its Super Duty pickup trucks.
Ford Blue, its passenger gas-powered cars and hybrids, drew revenue of $26.7 billion, while the Ford Pro commercial vehicle division brought in $17 billion, up 7% and 9%, respectively.