Ford Stock Drops After Automaker Misses Profit Estimates, Trims Guidance

Ford (F) reported third-quarter profit that missed analysts’ expectations and trimmed its full-year outlook, sending shares lower in extended trading Monday.

The automaker posted third-quarter revenue of $46.2 billion, up more than 5% year-over-year and above the analyst consensus from Visible Alpha. However, net income of $900 million or 22 cents per share declined from the $1.2 billion or 30 cents per share Ford posted a year earlier, missing estimates.

Ford said it now expects full-year adjusted earnings of about $10 billion, compared to its previous estimate of $10 billion to $12 billion.

The results come after Ford’s second-quarter earnings missed Street estimates and analysts at Morgan Stanley downgraded the stock last month citing increased competition from China, weighing on Ford’s stock price.

Shares of Ford fell over 4% in extended trading following the release. They were down about 7% for the year through Monday’s close.