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Ford forecasts weaker-than-expected fourth quarter profit

Key Points
  • Ford Motor offered a fourth-quarter earnings forecast that was below Wall Street's expectations.
  • The No. 2 U.S. automaker said it could see improvement in 2019 earnings and revenue as global industry sales remain flat, but it did not provide any figures.
A Ford F-150 on the assembly line at the Ford Dearborn Truck Plant
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Ford Motor on Wednesday offered a fourth-quarter earnings forecast that was below Wall Street's expectations.

The No. 2 U.S. automaker said it could see improvement in 2019 earnings and revenue as global industry sales remain flat, but it did not provide any figures.

"For 2019, we see the potential for year-over-year improvement in company revenue, EBIT and adjusted operating cash flow," Chief Financial Officer Bob Shanks said in a statement.

"For 2019, we expect to be able to fully fund our business needs, while maintaining cash and liquidity levels at or above our target levels," he said.

Ford said it expects 2018 adjusted earnings of $1.30 a share on revenue of $160.3 billion. In October, the Detroit automaker said it expected to earn in the range of $1.30 to $1.50 per share while analysts were expecting $1.33 per share, Refinitiv IBES data showed.

For the fourth quarter, Ford said it expects adjusted earnings of 30 cents a share, below the 32 cents analysts were expecting.

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Banks

Bank of America shares jump 7% after record earnings report

Key Points
  • Bank of America's quarterly profit tripled to a record of $7.3 billion. The bank also says it bought back $26 billion in common stock.
  • A strong performance from the company's consumer banking business as well as lower corporate taxes helped drive Bank of America's earnings.
  • "Through the trillions of dollars of consumer transactions we process and from the steady confidence and activity of our small business and commercial clients, we see a healthy consumer and business climate driving a solid economy," says CEO Brian Moynihan.