Ford Motor Company (NYSE:F) shares moved lower after the automaker trimmed its full-year earnings forecast.
The company now expects adjusted earnings before interest and taxes (EBIT) of $10 billion, compared to its earlier forecast of $10 billion to $12 billion.
The company also narrowed its EBIT expectations for Ford Pro to $9 billion, from its earlier guidance range of $9 billion to $10 billion.
It continues to expect losses related to its Model E electric vehicle of about $5 billion.
The company’s trimmed guidance overshadowed better-than-expected results for Q3.
Revenue of $46.2 billion topped estimates of $41.2 billion, marking a 5% year-over-year increase, and earnings per share (EPS) of $0.49 topped expectations of $0.47.
“We are remaking the company with Ford+ into a higher-growth, higher-margin, more capital efficient and more durable business,” Ford CFO John Lawler said in a statement.
“The work we have done over the past few years to restructure our global business -- and tailor our product lineup to segments where we know our customers best -- is driving continued growth and generating stronger and more consistent cash flow.”
Ford also declared a fourth quarter dividend of $0.15 per share.
Shares of Ford fell 4.4% post-earnings.