Ford Motor Company ( F ) stock is moving lower on Thursday after the company missed analyst EPS estimates for the 2024 fiscal year second quarter.

What Happened: The company reported adjusted EPS of 47 cents missing analyst estimates of 68 cents. In addition, Ford reported revenue of $47.80 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 $9.0 billion to $10.0 billion due to growth and a favorable product mix. The outlook for Ford Blue is down to a range of $6.0 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.

See Also: 8 Tesla Analysts Size Up Margins, FSD, Robotaxis, New EVs As Stock Tanks: ‘The Realities Of Today Vs. The Dreams Of Tomorrow’

F Price Action: At the time of publication, Ford is trading 17.8% lower at $11.24, according to data from Benzinga Pro.

Image: Courtesy of Ford