Ford's Stock Drops After Profit Outlook Was Below Expectations
Shares of Ford Motor Co. shed 1.3% in morning trade Thursday, after the automaker disclosed a first-quarter earnings outlook that was well below expectations. In a filing with the Securities and Exchange Commission, Ford said Chief Financial Officer Bob Shanks will host a "Let's Chat" forum at 10 a.m. ET, where he will say the company established a first-quarter net and adjusted earnings-per-share guidance range of 30 cents to 35 cents, down from adjusted EPS of 68 cents a year ago, and below the FactSet consensus of 47 cents. Ford said the decline from last year is because of higher costs, including for commodities and investments in emerging opportunities; lower volume, primarily fleet volume; and unfavorable currency moves. The stock has not lost 4.2% year to date, while rival General Motors Co. shares have slipped 1.7% and the S&P 500 has gained 4.8%.
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