Ford (NYSE:F) stock was down on Thursday following the release of its earnings report for the second quarter of the year.
During the second quarter of 2018, Ford reported earnings per share of 27 cents. This is a drop from the auto company’s earnings per share of 56 cents from the same time last year. It was also a blow to F stock by coming in below Wall Street’s earnings per share estimate of 31 cents for the quarter.
Ford also reported net income of $1.07 billion for the second quarter of the year. This is a major fall from the company’s net income of $2.05 billion that was reported in the second quarter of 2017.
Ford’s earnings report for the second quarter of 2018 includes revenue of $38.92 billion. The company’s revenue from the same period of the year prior was $39.85 billion. This has it beating out analysts’ revenue estimate of $35.83 billion for the quarter, but it wasn’t enough to keep F stock from falling today.
Another bit of bad news for F stock today comes in the form of an updated guidance from the company. Ford says that it is lowering its outlook for the full year of 2018. This includes dropping its earnings per share estimate to between $1.30 and $1.50. This would have it missing Wall Street’s earnings per share estimate of $1.52 for the year.
Ford notes that the reason behind its lower guidance for the year has to do with performance in Asia Pacific and Europe. It notes that it didn’t do as well in these areas during the second quarter of the year as it was hoping.
F stock was down 5% as of Thursday afternoon and is down 16% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.