Ford Tumbles As Results Miss Estimates
Shares of Ford Motor (F:US) are trading lower on Friday after the carmaker reported weaker-than-expected results.
For its fourth-quarter, Ford reported adjusted earnings per share of $0.51 on revenue of $41.8 billion, which compares to the consensus for earnings of $0.62 on revenue of $40.37 billion. The adjusted EBIT was reported at $2.6 billion, again missing the $3.45 billion consensus.
The carmaker offered a full-year forecast that sees the Michigan-based giant generating $9 - $11 billion in adjusted EBIT. The prior guidance for $6 billion in free cash flow has been reaffirmed.
Ford also said it will pay a supplemental dividend of $0.65, which reflects the monetization of Ford’s stake in Rivian, the process which was initiated last May and is nearly complete, according to Ford.
Most recently, several members of Congress and Senate were trading Ford shares. Senator Tommy Tuberbille was both buying and selling the stock in November and in September, including two $100,000 - $250,000 transactions.
Similarly, Congressman Ro Khanna reported a small buy trade in November while his colleague from Ohio, Bob Gibbs, sold the stock in late October.
Ford shares were up 22.6% year-to-date (YTD) heading into earnings and down about 5.5% over the last 52 weeks. Ford stock went lower earlier this week when the company announced it slashed price for Mustang Mach E, responding to earlier price cuts from electric vehicle (EV) rival Tesla.
