Ford Motor Co shares are lower after the bell Tuesday, even as the automaker crushed top- and bottom-line expectations with its fiscal first quarter results.
In the period ended April 31, Ford posted automotive revenue of $39.09 billion, up 21% year-over-year and well ahead of Street expectations of $36.08. Earnings were $0.63 per share, compared to a $0.78 per share loss last year and projections of $0.41 per share.
Even so, Ford shares fell 1.33% after hours Tuesday to $11. 65 after dropping 2.2% during the regular trading session.
Investors may be concerned about Ford’s electric vehicle numbers. Ford reiterated that it expects to lose roughly $3 billion from its EV operations this year.
In fact, its overall full-year adjusted earnings guidance of $9 billion and $11 billion was unchanged despite the large expectations beat.
Earlier Tuesday, Ford said it would reduce the starting prices of the electric Mustang Mach-E by $1,000-$4,000, bringing them to $42,995 and $59,995. The company previously made a $600 price cut in January.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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