$Ford Motor (F.US)$ sank more than 18% Thursday -- its worst one-day plunge in some 16 years -- after the auto giant missed analyst EPS estimates for the 2024 fiscal year second quarter.
F fell 18.4% to an $11.16 close after reporting after the bell Wednesday that adjusted EPS came in at 47 cents, missing analyst estimates of 68 cents. However, Ford did report revenue of $47.8 billion, beating analyst estimates of $44.02 billion.
Ford's revenue figure represents a 6% year-over-year increase. Separately, Ford reported a quarterly EBIT of $2.6 billion for Ford Pro.
The company's outlook for full-year EBIT for Ford Pro is up to a range of $9 billion to $10 billion due to growth and a favorable product mix.
Still, the outlook for Ford Blue is down to a range of $6 billion to $6.5 billion, reflecting higher-than-expected warranty costs.
Following the earnings report, Barclays maintained coverage on Ford with an "Overweight," but lowered its price target from $17 to $16.