Ford slashes its guidance (F)

pulse

March 23, 2017 2:40 PM

The new outlook is well below analyst expectations.

Shares of Ford Motor are down 1.5% at $11.59 Thursday morning, after the company slashed its earnings guidance for the first quarter. The automaker expects adjusted first-quarter earnings of $0.30 to $0.35 per share, well below the $0.47 that is expected by the Bloomberg consensus. Ford cited "

Ford's revised first quarter outlook comes following a Morgan Stanley note that was released on March 20 where the firm reiterated its underweight rating and $11 target for the stock.

On Wednesday, Fitch released a report that showed subprime auto loan delinquency rates are moving higher.

Shares of Ford are down 3% so far in 2017.

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