Three months ago Ford (F) told investors it is looking to reshape its business, and it would spend $11 billion over the next three to five years to do it. Many investors had been looking forward to the company's third quarter earnings to get some clues about its its plans.
They'll need to keep waiting. The company told investors Wednesday, "We look forward to sharing more about our redesign and strategic partnerships with you in the near future."
Wall Street won't get the details about which businesses Ford would pull out of, or which ventures Ford planned to invest in.
Instead, Ford's quarterly earnings report was ho hum. It reported a drop in earnings roughly in line with Wall Street expectations. It also said it expects to hit the full-year earnings guidance it had previously given, enough to send its stock up 6% in afterhours trading. Ford's stock has fallen about 20% since its initial disclosure of its' plans to reshape the business.
Ford (F) had announced earlier Wednesday a revised structure for its business in China, with a new boss for its operations there. The company's third quarter results were hurt by a $208 million loss in its Asia-Pacific unit.
Ford executives were set to talk with investors later in the evening Wednesday.
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