Ford Earnings Fall Short of Wall Street Expectations, Shares Down 4.5%
Ford Motor Company (NYSE:F) posted lower than expected third quarter profits citing a slow Chinese market, price pressure in Europe, and a down US metal market as its primary reasons. The automaker also cut its full year forecast for automotive operating profit margins, indicating a subpar fourth quarter to follow as well.
Though Ford (NYSE:F) has posted profits for 10 straight quarters. However, the company still continues to give no indication of when it might reinstate paying dividends, which have been on hold since the company hit crisis in 2006. Chief Financial Officer, Lewis Booth, is quoted in Reuters as saying, “We’re on record as saying we’d like to pay a dividend sooner rather than later.”
Ford (NYSE:F) stock closed down 4.5% to $11.87 today in the news. Shares are down 30.61% in the last year with a 52-week range of $9.05 to $18.97.