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.
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. headtopics.com
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.Read more: CNBC »
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