nickname168
2022-09-21

Ford shares dropped 12.3% Tuesday after the vehicle maker issued a profit warning for its third-quarter results.

The stock was the most-active stock on the S&P 500 -- and its worst performer, according to Dow Jones Market Data. It posted its worst one-day percentage decline since a more-than-13% drop in January 2011.

The company said vehicle parts supply shortages would weigh on earnings, as it expects inflationary pressures to add about $1 billion to previously expected supplier costs. Ford now anticipates third-quarter adjusted earnings before interest and taxes to come in between $1.4 billion and $1.7 billion.

The preannouncement from Ford came after a high-profile profit warning from FedEx, which sent stocks lower last Friday.

Ford's shares closed at $13.09 apiece, down about 37% for the year.

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