DETROIT (AP) -- Shares of Ford Motor Co. fell in premarket trading Friday after the company predicted a lower second-quarter profit because of growing losses in Europe and other regions outside North America.
Ford shares fell 12 cents, or 1.2 percent, to $9.97.
The company said in a government filing that its second-quarter profit will trail the $2.4 billion it made a year earlier. Ford expects to lose $500 million to $600 million outside North America in the quarter, triple the $190 million loss in the first quarter.
The revised outlook prompted Citi Investment Research analyst Itay Michaeli to lower his earnings estimates and one-year target price for Ford stock.
Michaeli now expects Ford to earn $1.30 per share this year, down from $1.42. He also lowered expectations for 2013 to $1.52 per share from $1.62, and reduced his 2014 estimate to $1.63 from $1.69 per share. Michaeli lowered his one-year target price for Ford stock by $1 to $14 per share.
"We are disappointed that the expected Europe losses accelerated faster than anticipated," Michaeli wrote in a note to investors.
Ford's old models in South America are facing growing competition, and the company is losing money in Asia as it tries to build more plants and expand its offerings there. Ford is also seeing low sales and excess production capacity in Europe as the region grapples with government debt problems.
"In Europe, the situation has deteriorated significantly," Chief Financial Officer Bob Shanks said in the filing.