NEW YORK (TheStreet) -- Ford Motor Company (F - Get Report) reported earnings before the opening bell this morning. Those earnings fell short of Wall Street's expectations. Shares dropped more than 2.5% in the premarket, reversing the positive momentum in the stock heading up to earnings.
The American car manufacturer posted earnings per share of 25 cents, missing consensus estimates by six cents. Sales of $35.60 billion beat Wall Street revenue predictions of $34.06 billion, according to stats on the Analyst Ratings Network.
Ford reported first quarter pretax profits of $1.4 billion, a 35% decrease from the same period a year ago. Management said the quarter was "adversely impacted by several significant factors not representative of underlying business run rate." In the press release, Ford blamed reserve increases to absorb expenses related to safety recalls and weather-related costs. It also said South American results were adversely impacted by balance sheet and currency exchange.
Ford affirmed its full-year, pretax guidance of between $7 billion and $8 billion. Management anticipates strong results in upcoming quarters with the launch of 23 vehicles worldwide.
$F "We had a solid quarter and are on track with the most aggressive product launch schedule in our history."-CEO Mulally #FordEarnings-- Ford Motor Company (@Ford) Apr. 25 at 07:56 AM
Investors saw positive news in Ford's sales growth. Sentiment was still 97% bullish right after the report, according to StockTwits analytics.
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