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DETROIT — Ford Motor Company fell significantly short of Wall Street’s expectations for second-quarter earnings, despite surpassing revenue forecasts, due to longstanding warranty issues that have plagued the automaker.
Here is how the company performed compared to analysts’ estimates surveyed by LSEG:
- Earnings per share: 47 cents adjusted vs. 68 cents adjusted expected
- Automotive sector revenue: $44.81 billion vs. $44.02 billion expected
Ford shares have risen about 15% this year as prices in the auto sector have remained more resilient than anticipated.
However, as the industry-wide shift to electric vehicles progresses more slowly than expected, the automaker has adjusted its product plans, focusing less on fully electric vehicles and more on hybrids.
Most recently, Ford announced last week that it plans to expand production of its large Super Duty trucks at a Canadian plant that was previously slated to become an all-electric vehicle hub.
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