Ford Motor Co. (F) - Get Report reported mixed financial results Wednesday after expressing concerns about its international operations amid a restructuring that will result in decreased production overseas.
The company reported earnings of 30 cents per share on revenue of $38.7 billion. Analysts were expecting the company to earn 32 cents per share on revenue of $38.66 billion, a 6.4% year-over-year decline.
The company reported a North American profit margin of 7.6% on profits of $2 billion. However, the company's overall profit margin was 3.5% in the quarter due to a $780 million loss reported in Europe, China and South America.
Ford shares fell 2% in Wednesday trading after analysts at JPMorgan cut 2019 earnings and production forecasts due to concerns about international pressures, especially in China.
The firm trimmed its full-year 2019 global production forecast to 5.87 million units from its previous view of 5.97 million vehicles. It also lowered its 2020 forecast to 5.87 million units from its previous view of 6.2 million units.
This new forecast forced the firm to also lower Ford's EPS estimate for 2019 and 2020 to $1.25 per share and $1.55 per share, respectively, from its previous view of $1.35 per share and $1.60.
JPMorgan also lowered its price target estimate to $12 per share from $13 per share.