New York CNN —Shares of Ford fell more than 11% in after-hours trading Wednesday after the automaker reported much weaker than expected earnings.
The company said it was compelled to set aside more money to cover the cost of repairing customers’ vehicles.
That badly missed analysts’ forecasts of earnings per share of 68 cents a share.
It was the nearly 50% drop in operating profit in Ford Blue, which includes traditional gasoline-powered cars and truck sales to consumers, that hurt its bottom line.
Ford Pro, which includes fleet sales to businesses and governments, reported a modest gain in operating profits.
Persons:
Ford, ”, John Lawler
Organizations:
New, New York CNN, Ford, Ford Pro, Revenue
Locations:
New York