Ford's 2017 profit misses Wall Street estimates
Ford Motor Co
The automaker`s shares dropped more than 2 percent in extended trading. Ford`s downbeat forecast contrasted with a more positive outlook from Detroit rival General Motors Co
Ford also said it would start reporting separately the results of its investments in "mobility" businesses, such as self-driving delivery vehicles and ride services, and previewed a loss for those operations of $300 million for 2017.
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Ford blamed exchange rates and rising prices for the commodities used in its vehicles for the projected decline in 2018 adjusted earnings, in a statement and materials released ahead of a presentation to analysts by Chief Financial Officer Bob Shanks and Jim Farley, president of global markets.
For full-year 2017, Ford said its adjusted earnings would be $1.78 per share, below analysts estimate of $1.83, according to Thomson Reuters I/B/E/S.
For 2018, Ford expects adjusted earnings of $1.45 to $1.70 per share. Analysts on average expected earnings of $1.62.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
04:20 AM IST