Ford’s profit worse than expected, stocks slide
The company’s shares dipped 7% in after-hours trading
Stocks impacted: Ford (F)
The US automaker reported a fourth quarter loss that essentially wiped out its profit for 2019. Ford reported a net loss of $1.7 billion, or 42 cents a share, compared with a loss of $100 million, or 3 cents a share, a year earlier. The loss left the company with only $84 million in profit for the year. Also, the company provided a gloomy 2020 forecast, citing high warranty costs, lower vehicle volumes, bad results from Ford Credit and higher investment in future transportation. It expects 2020 operating earnings in the range of 94 cents to $1.20 a share, below $1.26 expected. Shares of Ford dipped 7% in after-hours trading on the disappointing data.
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