Ford Motor (NYSE:F) stock was dropping after hours on Wednesday as the company unveiled its results for its latest quarters, which missed analysts’ expectations.
The automotive giant’s results may have been underwhelming for the period due in part to the fact that metal prices are on the rise and President Trump’s steel import tariffs are taking a toll on carmakers. Ford’s earnings fell considerably compared to the year-ago quarter at 27 cents per share on an adjusted basis.
Analysts were calling for Ford to bring in earnings of 34 cents per share, while revenue was slated to come in at $35.53 billion. The company did post a revenue beat as it brought in sales of $35.9 billion for its second quarter of fiscal 2018.
The weak results also pushed the company to lower its full-year earnings projection to now be in the range of $1.30 to $1.50 per share, which is below the $1.52 per share that analysts are projecting.
“This quarter we achieved solid results in North America, offset in part by unexpected challenges with our overseas operations and headwinds in the business environment,” said Ford CEO Jim Hackett in statement. “Despite this, our fitness actions continue to take hold and we’re clearly committed to redesigning and restructuring the underperforming parts of our business.”
F stock was down about 4.9% Wednesday after the bell following the company’s earnings miss, while shares were down roughly 0.4% during regular trading hours.
