Ford Motor Company (NYSE: F) has announced a recall of 142,000 Lincoln MKC SUVs in the United States over concerns of under-hood fires. Owners are advised to park their vehicles outdoors and away from structures as the company investigates the cause of the fires.
The issue is believed to stem from the 12-volt batteries in the affected 2015-2019 model year vehicles. Ford has received 19 reports of under-hood fires, with seven of them occurring while the vehicles were parked and turned off since December. Fortunately, no physical injuries have been reported due to this issue.
Ford Motor Company’s Stock Performance and Analysis
On May 31st, Ford’s stock experienced a significant drop of -4.69%, closing at $12. The stock opened slightly lower than the previous day’s close, trading between $11.96 and $12.49 throughout the day. The trading volume reached 86.05 million, surpassing the average volume of 66.36 million over the past three months. Currently, Ford’s market capitalization stands at $45.19 billion.
Despite the recent stock decline, Ford has seen a 2.30% increase in its value over the past week and an 8.40% increase this year. However, the company’s projected earnings growth for the next five years is expected to be modest at 1.61%. On the positive side, Ford experienced revenue growth of 15.93% last year.
Ford’s upcoming reporting date is on July 26, 2023, with an estimated earnings-per-share (EPS) forecast of $0.46. In the previous year, the company generated $158.1 billion in annual revenue, but it had a net profit margin of -1.25%.
