indicated in a regulatory filing that earnings for the fourth quarter will be about 10 cents below analysts' estimates, and the company disclosed plans to reduce production in the period.
First Call/Thomson Financial
, analysts expect the company to earn 85 cents a share for the fourth quarter.
Ford also said November U.S. vehicle sales fell 7% from a year ago to 300,665 units. Sales of passenger cars fell 16% and truck sales fell 1% from a year ago.
, which also announced production cuts and plans to idle some facilities in December, said U.S. sales fell 5% in November.
Ford, a Dearborn, Mich., automaker, plans to produce 1.07 million vehicles in North America in the fourth quarter, a reduction of 38,000 vehicles from the plan it had a month ago. In the year-ago period, the company produced 1.15 million vehicles.
cut Ford's 2001 estimates by 50 cents to $2.95 a share. The firm also cut estimates on
for 2001 by $2 to $5.70 a share, along with lowering expectations for several large automotive suppliers.
Wall Street expects Ford to earn $3.63 a share in 2001. Shares of Ford were recently up 6.6% to $24.25 in Big Board trading.