Ford shares fall after lowering full-year earnings forecast

Ford shares dropped by more than 4% in after-hours trading following the announcement of quarterly results and guidance that fell short of expectations.

Ford reported $46 billion in revenue for the third quarter, a 5% increase compared to the same period last year, while net income dropped to $900 million from $1.2 billion last year.

In a news release, the company attributed the decline in income to a $1 billion charge related to electric vehicles. The company announced the cancellation of a three-row electric SUV in August.

The automotive giant has revised its outlook for the year. It now projects that full-year earnings for 2024 will fall short of its original forecast. The company expects adjusted earnings to be around $10 billion, below the previously estimated range of $10 billion to $12 billion.

Bloomberg reports that this falls short of analysts’ expectations of $10.6 billion in earnings.


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