Written by Cláudio Afonso | LinkedIn | X
Ford released its third quarter earnings results on Monday reporting a $46.2 billion revenue (down sequentially from $47.8 billion) and an adjusted EBIT of $0.49 billion, $0.02 higher than the consensus estimate of $0.47.
The company’s net income fell to $900 million in the third quarter, or 22 cents per share, from $1.2 billion, or 30 cents per share, a year earlier.
Ford now projects adjusted EBIT of approximately $10 billion for 2024, with adjusted free cash flow expected to fall between $7.5 billion and $8.5 billion. The company estimates capital expenditures of $8 billion to $8.5 billion for the year.
Breaking down the forecast by business units, Ford expects full-year EBIT for Ford Pro at around $9 billion, Ford Blue at approximately $5 billion, and a loss of about $5 billion for Model e. Pre-tax earnings from Ford Credit are anticipated to be around $1.6 billion.
Wall Street analysts expected an adjusted earnings per share (EPS) of 47 cents and revenue of $41.88 billion, according to average estimates compiled by LSEG.
Ford’s stock is down by more than 7% this year despite being up 7% in the last month. On Monday, Ford shares closed 2.71% at $2.37.
In September, Ford sold about 6,300 battery electric vehicles (BEV) in the United States, down 18% from a year ago. In the third quarter, BEV sales reached 23,400 units.
Earlier today, the company announced it is releasing a new software update for its Ford F-150 Lightning and Mustang Mach-E electric models that enables EV routing for Google Maps through Android Auto.
The update also displays compatible Tesla Supercharger locations accessible with an adapter, allowing Ford EVs to charge at more stations.
Written by Cláudio Afonso | LinkedIn | X
