Michigan: Ford Motor Company reported second-quarter earnings that missed Wall Street's expectations while exceeding revenue projections, primarily due to ongoing warranty costs affecting older vehicles. The automaker increased its full-year free cash flow target but maintained its 2024 earnings guidance, disappointing some investors who had hoped for an upward revision. As a result, Ford's shares dropped approximately 11 percent in after-hours trading, closing Wednesday at 13.67 dollars per share.
Despite pressure to raise its guidance, especially after rival General Motors increased its yearly guidance for the second time this year, Ford chose to maintain its forecast. Ford's stock had risen over 10 percent this year due to resilient automotive industry pricing, but some analysts believe automaker profits may have peaked.
CFO Lawler indicated that the second half of the year is expected to be similar to the first, with manageable fluctuations.
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