Ford Results Trail Estimates
Ford Results Trail Estimates
Ford released its fourth-quarter results Thursday morning, missing expectations of analysts and sending the stock into a freefall. Thanks to years of cost-cutting measures and a rebound in sales, 2010 was the best year profit-wise for the company in more than a decade, but the worse-than-expected results in the last quarter and investors' reaction to the news underscores how far the company still has to go.
Ford's fourth-quarter net income was reported as $6.6 billion, or $1.66 per share, more than doubling its $2.7 billion in income from 2009's final quarter. Excluding certain debt reduction charges and charges related to the discontinuation of the Mercury brand, the company earned $1.91 per share, 6 cents less than analysts had projected.
Ford's profits also fell short of projections, as its net income fell 79 percent to $190 million, or just 5 cents per share. Excluding debt reduction costs, net income was just 30 cents per share, well below the consensus estimate of 48 cents projected by analysts. The report sent Ford stock tumbling as it had lost more than 12 percent by noon ET.
Ford released its fourth-quarter results Thursday morning, missing expectations of analysts and sending the stock into a freefall. Thanks to years of cost-cutting measures and a rebound in sales, 2010 was the best year profit-wise for the company in more than a decade, but the worse-than-expected results in the last quarter and investors' reaction to the news underscores how far the company still has to go.
Ford's fourth-quarter net income was reported as $6.6 billion, or $1.66 per share, more than doubling its $2.7 billion in income from 2009's final quarter. Excluding certain debt reduction charges and charges related to the discontinuation of the Mercury brand, the company earned $1.91 per share, 6 cents less than analysts had projected.
Ford's profits also fell short of projections, as its net income fell 79 percent to $190 million, or just 5 cents per share. Excluding debt reduction costs, net income was just 30 cents per share, well below the consensus estimate of 48 cents projected by analysts. The report sent Ford stock tumbling as it had lost more than 12 percent by noon ET.
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