Earnings and revenue fell at
in the second quarter from a year ago as the company sold about 7% fewer vehicles and saw prices squeezed.
The company earned $417 million, or 22 cents a share, on revenue of $40.67 billion in the quarter, compared with $570 million, or 29 cents a share, on revenue of $42.21 billion a year ago. Analysts surveyed by Thomson First Call had been calling for earnings of 19 cents a share.
Ford said worldwide vehicle unit sales were 1,717,000 in the latest quarter, down about 7% from 1,854,000 a year ago. Ford's worldwide automotive sector earned a pretax $3 million on revenue of $34.2 billion in the second quarter, compared with pretax earnings of $403 million on revenue of $35.2 billion a year ago.
Ford expects to lose about 15 cents a share in the third quarter of 2003. This expectation reflects lower planned production volumes in the third quarter. Analysts had been forecasting a loss of 12 cents. It said it "remains committed" to its full-year earnings guidance of 70 cents a share. Analysts were forecasting 67 cents.
Ford finished the quarter with automotive cash, marketable securities, loaned securities and voluntary employee beneficiary association assets of $28.7 billion, up from $26.6 billion at the end of the first quarter, and up from $25.3 billion at the end of 2002.