Ford Motor (F) - Get Report shares dropped in after-hours trading Wednesday after the automaker reported third-quarter earnings slumped, largely because of charges associated with a strategic revamp of the company announced in January.
The Dearborn, Mich., company also cut the top end of the range for its outlook for full-year adjusted earnings.
Ford earned 11 cents a share in the third quarter compared with 25 cents in the year-earlier quarter. Adjusted earnings were 34 cents against 29 cents. Revenue fell 1.8% to $36.99 billion from $37.67 billion.
A survey of analysts by FactSet produced consensus estimates of GAAP earnings of 25 cents, or an adjusted 29 cents, on revenue of $36.83 billion.
Ford noted strong results from the Ford Credit subsidiary, where pretax profit rose 9%.
Another special item in the third quarter was a charge related to the proposed creation of a joint venture in India with Mahindra & Mahindra.
Full-year adjusted earnings are now expected to come in at $1.20 to $1.32 a share compared with $1.30 in 2018. The previous full-year outlook, reported with Ford's second-quarter numbers, was a range of $1.20 to $1.35. The FactSet-derived estimate for the year is $1.26.
["Fourth-quarter] headwinds -- higher warranty costs, higher than planned incentives in North America and lower volumes in China -- have intensified since Ford last gave financial guidance for 2019," the company said in a statement.
Ford shares in late trading are down 2.7% at $8.96.