Ford (F) reported Q3 revenue of $46.2 billion, exceeding Bloomberg’s estimate of $41.9 billion, but down from last quarter's $47.8 billion. Adjusted EPS matched expectations at $0.49, and adjusted EBIT reached $2.6 billion. However, net income was impacted by a previously disclosed $1 billion EV-related charge, bringing net income down to $900 million.
Updated Full-Year Guidance
Ford revised its 2024 full-year profit forecast to the lower end of its previous $10-12 billion range due to "supplier disruptions" affecting Ford Pro and Ford Blue sales, according to CFO John Lawler.
Segment Performance for Q3
Ford Blue: $26.2 billion in revenue, $1.627 billion in EBIT
Ford Model e (EVs): $1.2 billion in revenue, -$1.224 billion in EBIT
Ford Pro (Commercial/Super Duty): $15.7 billion in revenue, $1.814 billion in EBIT
EV and Hybrid Sales Growth
Ford's Q3 U.S. deliveries rose by 4.3% year over year, totaling 504,039 vehicles, with EV sales up 12% and hybrid sales, led by the Maverick pickup, increasing by 38%.
Comparison with GM
GM, Ford's competitor, has raised its guidance each quarter, now forecasting adjusted EBIT of $14-15 billion, reflecting strong performance.
Stock Movement
Following the earnings announcement, Ford's stock dropped over 5% in after-hours trading, reflecting investor concerns over the revised profit forecast.
Updated Full-Year Guidance
Ford revised its 2024 full-year profit forecast to the lower end of its previous $10-12 billion range due to "supplier disruptions" affecting Ford Pro and Ford Blue sales, according to CFO John Lawler.
Segment Performance for Q3
Ford Blue: $26.2 billion in revenue, $1.627 billion in EBIT
Ford Model e (EVs): $1.2 billion in revenue, -$1.224 billion in EBIT
Ford Pro (Commercial/Super Duty): $15.7 billion in revenue, $1.814 billion in EBIT
EV and Hybrid Sales Growth
Ford's Q3 U.S. deliveries rose by 4.3% year over year, totaling 504,039 vehicles, with EV sales up 12% and hybrid sales, led by the Maverick pickup, increasing by 38%.
Comparison with GM
GM, Ford's competitor, has raised its guidance each quarter, now forecasting adjusted EBIT of $14-15 billion, reflecting strong performance.
Stock Movement
Following the earnings announcement, Ford's stock dropped over 5% in after-hours trading, reflecting investor concerns over the revised profit forecast.