Ford Motor Company F shares are falling after reporting a third-quarter sales miss.
Third-quarter earnings came in at 34 cents per share, beating estimates by 8 cents. The company reported quarterly sales of $33.93 billion, which missed the analyst consensus estimate of $33.98 billion. This is a 2.11% decrease over sales of $34.66 billion the same period last year. The company sees full-year adjusted earnings of $1.20-$1.32.
“Our Global Redesign is about making choices to transform our organization, to become the world’s most trusted company and a clear leader in an era of rapid change,” said Jim Hackett, Ford president and CEO. “We are getting stronger today and we have more work to do.”
Ford shares traded down about 3% in Wednesday's after-hours session. The stock closed at $9.21 per share.
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