Ford Motor Co.'s preliminary adjusted EPS fell 27% in full year 2018 to $1.30, down from $1.78 in 2017, the company said Jan. 16, while pointing to the potential for a stronger result in 2019 as the U.S. automaker embarks on a transformation plan.
The EPS figure came in short of the $1.32 mean consensus of analyst estimates according to S&P Global Market Intelligence.
Preliminary adjusted net income fell to $5.19 billion in 2018, down from $7.12 billion in the prior year and behind the Street consensus estimate of $5.27 billion.
The company plans to pay a dividend of 15 cents in the first quarter of 2019, the same level as that paid out throughout 2018.
Ford will announce its full and final 2018 results Jan. 23.
In line with a Jan. 10 announcement that it will streamline its European operations, Ford said it will deploy a transformation plan across its operations globally, which includes the update of its product line-up in several markets and a focus on products that generate higher returns.
"For 2019, we see the potential for year-over-year improvement in company revenue, EBIT and adjusted operating cash flow," CFO Bob Shanks said in a statement.
Ford executives are due to give more details on the company's plans at the Detroit auto show later on Jan. 16.
Ford announced Jan. 15 that it reached an agreement with Volkswagen AG to team up on the development and manufacturing of commercial vehicles, the first of which will go on sale in 2022. The companies are also discussing cooperation on autonomous and electric vehicles and mobility services.
Ford shares were down 1% at $8.75 in premarket trading.