Ford (NYSE:F) had a quarter that was less memorable than the company may have hoped as its earnings missed Wall Street’s guidance, while sales surpassed them, yet the amount fell year-over-year–F stock is down more than 5% after hours Wednesday.
The carmaker — based out of Detroit, Mich. — announced that for its second quarter of its fiscal 2019, it brought in net income of $148 million, or 4 cents per share. This marks an 86.2% decline when compared to the company’s year-ago profit of $1.07 billion, or 27 cents per share.
When adjusting for global restructuring and other items, Ford brought in a profit of 28 cents per share, which is weaker than the Wall Street consensus estimate of 31 cents per share, according to data compiled by FactSet. The business added its revenue came in at $38.85 billion, slightly below the $38.92 billion from the year-ago period, while also missing the $38.49 billion that FactSet called for in its guidance.
“Midway through this key year of action, we are pleased with the progress we are making toward creating a more dynamic and profitable business,” Ford CEO Jim Hackett said in a statement. “In this time of profound change in our industry, Ford has amazing opportunities to delight customers, innovate and collaborate in new ways, and create value.”
For its third quarter, analysts predict an adjusted profit of 34 cents per share on sales of $37.51 billion. For its fiscal 2019, Ford predicts adjusted earnings of $1.20 to $1.35 per share, below the Wall Street guidance of $1.40 per share.
F stock is down about 6.3% after hours following the company’s results. Shares had been gaining 1.6% during regular trading hours.
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