Ford Sees Missing Fourth-Quarter Estimates, November Sales Fall - TheStreet

Ford Sees Missing Fourth-Quarter Estimates, November Sales Fall

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Ford

(F) - Get Report

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.

According to

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.

DaimlerChrysler

(DCX)

, 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.

Goldman Sachs

cut Ford's 2001 estimates by 50 cents to $2.95 a share. The firm also cut estimates on

General Motors

(GM) - Get Report

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.