Ford Shares Sink After Company Reports Cost Improvements, But Guides Below Street Expectations
Ford shares jumped before tumbling after hours on Monday, as the legacy automaker reported guidance that was on the low end of expectations. Like many other automakers, Ford continues to grapple with balancing the costs of EV production, high interest rates and a tapped out American consumer.
Ford announced third-quarter revenue of $46 billion, with net income totaling $0.9 billion. This figure includes a $1 billion charge related to its electric vehicle business, which the company had previously disclosed. Adjusted earnings before interest and taxes (EBIT) for the quarter came in at $2.6 billion.
Here are all the company's Q3 figures versus estimates, via Bloomberg:
Total Revenue: $46.2 billion, up 5.5% year-over-year (y/y), surpassing the $43.07 billion estimate.
Ford Blue Revenue: $26.2 billion, exceeding the $24.63 billion forecast.
Ford Model e Revenue: $1.2 billion, below the $1.42 billion estimate.
Ford Pro Revenue: $15.7 billion, above the $15.28 billion projection.
Adjusted EPS: 49 cents, matching analyst expectations.
Adjusted EBIT: $2.6 billion, up 18% y/y, though below the $2.77 billion estimate.
Adjusted EBIT Margin: 5.5%, improving from 5% y/y but short of the 6.3% forecast.
Ford Blue ...
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