The maker of popular F-150 pickup trucks reported adjusted earnings of 12 cents a share on revenue of $39.7 billion. A survey of 16 analysts by FactSet forecasted the company would make 17 cents a share, on sales of $39.6 billion
In the same period a year ago, the company posted earnings of 30 cents a share on sales of $41.8 billion.
"Financially, the company’s 2019 performance was short of our original expectations, mostly because our operational execution – which we usually do very well – wasn’t nearly good enough, Jim Hackett, Ford president and chief executive officer, said in a statement. "We recognize, take accountability for and have made changes because of this.”
Ford offered an earnings forecast of 94 cents a share to $1.20 a share excluding any impact from the coronavirus outbreak. Analysts had been forecasting full year earnings of $1.31.
Ford shares fell more than 10% in after-hours trading.
Ford says its plans for new and "refreshed" vehicle lines this year include:
-F-150, including a first-ever hybrid-electric version
-A small off-road utility vehicle
-The first of 30 market-specific Ford and Lincoln vehicles in China, 10 of which will be electric – over the next three years
-Electrified versions of the Lincoln Corsair and Ford Escape/Kuga.