Ford Motor Co. shares fell more than 8% late Tuesday after the U.S. car maker missed adjusted profit expectations and posted a GAAP loss.
Ford F, +2.23% said it lost $1.7 billion, or 42 cents a share, in the fourth quarter, compared with a loss of $100 million, or 3 cents a share, in the year-ago period. The GAAP loss included a previously disclosed $2.2 billion charge related to pensions.
Adjusted for one-time items, Ford said it gained 12 cents a share, compared with 30 cents a share a year ago. Revenue fell to $39.7 billion from $42 billion a year ago.
Analysts polled by FactSet had expected the auto maker to report adjusted earnings of 17 cents a share on sales of $39.6 billion.
”Financially, the company’s 2019 performance was short of our original expectations, mostly because our operational execution – which we usually do very well – wasn’t nearly good enough. We recognize, take accountability for and have made changes because of this,” Chief Executive Jim Hackett said in a statement.
Earlier Tuesday, Tesla Inc. TSLA, +13.73% surpassed Ford as No. 1 U.S. car maker in terms of enterprise value, a metric that takes into consideration market capitalization as well as debt, cash and cash equivalents.