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Ford shatters Wall Street’s earnings expectations, raises guidance for the year on demand for new vehicles

Ford Motor reported earnings after the bell. Here are the results.

10/27/2021 11:21:00 PM

Ford shatters Wall Street’s earnings expectations, raises yearly guidance on new vehicle demand

Ford Motor reported earnings after the bell. Here are the results.

Al Drago | Bloomberg | Getty ImagesDETROIT –Ford Motornearly doubled Wall Street's earnings expectations and slightly beat revenue projections for the third quarter, leading the automaker to increase its annual guidance for the second time this year.

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Here's how Ford performed versus what Wall Street expected based on average analyst estimates compiled by Refinitv.Adjusted EPS:51 cents per share adj. vs. 27 cents per share expectedAutomotive revenue:$33.21 billion vs. $32.54 billion expectedFord shares jumped by about 5% during after-hours trading. The stock closed Wednesday down by 2.7% to $15.51 a share.

In July, Ford raised its guidance for the year, but warned investors the second half of the year would be weaker than the first, which was at $5.9 billion through June. At that time, the company said full-year adjusted earnings before taxes would be between $9 billion and $10 billion and adjusted free cash flow of between $4 billion and $5 billion.

The company increased annual guidance despite losingroughly half of its productionin the second quarter due to an ongoing global shortage of semiconductor chips. Ford's supply of the parts was expected to improve during the third-quarter.CFO John Lawler cited $3 billion to $4 billion in favorable higher sales volumes, but said commodity costs, lower earnings from Ford Credit and other factors such as $500 million in higher warranty costs to drag down its results during the back end of the year.

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What GM and Ford investors should know ahead of third-quarter earningsBoth General Motors and Ford Motor are expected to report solid third-quarter earnings Wednesday despite an ongoing global disruption of supply chains.

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Japan stocks set to rise after major indexes on Wall Street close at record highsThe Dow Jones Industrial Average and S&P 500 sailed to record closing highs on Monday.

Wall Street sets more records as earnings season gears upWall Street ticked further into record heights Monday, as a better-than-expected profit reporting season gets into higher gear. It’s always a pleasure to read such records.

Asian markets mostly higher after Wall Street's latest rallyAsian shares were mostly higher Tuesday after another rally to a record high on Wall Street.

Asia stocks catch Wall St cheer but China caps gainsAsian stocks inched higher on Tuesday, as upbeat Wall Street earnings lifted the broader economic outlook though fresh worries about China's property sector hit Hong Kong and mainland markets.