Ford operating profit misses analysts39; expectations
Ford maintains fullyear outlook
Investors express frustration with Ford39;s progress despite management39;s optimism

Reuters  Ford Motor reported a dip in secondquarter adjusted profit on Wednesday as the automaker continues to battle costly quality issues and an EV business that is weighing on its bottom line, sending shares tumbling 11 in afterhours trading.

The Detroit automaker earned an adjusted profit of 47 cents per share, significantly missing analysts39; expectations of 68 cents, according to LSEG data.

Executives emphasized that Ford is continuing to root out structural inefficiencies and transform its gasengine and EV operations, but Wall Street was not convinced.

You said that Ford39;s a different company from what it was three years ago, but the stock market really doesn39;t seem to agree with you at all on that, Morgan Stanley analyst Adam Jonas said to Ford CEO Jim Farley on the company39;s conference call.

The Ford chief has made fixing the automaker39;s quality problems a priority since he took the helm in October 2020. Since then, Ford has hired a new executive director of quality and transformed some of its production practices to avoid errors, but has still topped the industry in number of recalls.

Warranty expenses went up 800 million in the second quarter compared with the previous quarter, Ford Finance Chief John Lawler told reporters. Lawler said most of these warranty expenses were…