2 weeks Ago By Adam Eckert
Ford Motor Co F reported financial results for the third quarter after the market close on Monday. Here’s a look at the key metrics from the quarter . Q3 Earnings: Ford reported third-quarter revenue of $46.
2 billion, beating the consensus estimate of $41.88 billion, according to Benzinga Pro . The Detroit-based automaker reported quarterly earnings of 49 cents per share, beating estimates of 47 cents per share.
Total revenue was up 5% on a year-over-year basis. Ford Blue sales were up 3% to $26.2 billion in the quarter despite a 2% decline in global wholesales due to discontinued low-margin internal combustion engine vehicles.
Ford Pro sales were up 13% year-over-year to $15.7 billion. Ford Model e sales fell 33% year-over-year while global hybrid vehicle sales increased 30% in the quarter.
Ford Model e reported an EBIT loss of $1.2 billion. The company noted its electric segment continues to show improvements to profit trajectory on the back of cost improvements.
"We are in a strong position with Ford+ as our industry undergoes a sweeping transformation," said Jim Farley , president and CEO of Ford. "We have made strategic decisions and taken the tough actions to create advantages for Ford versus the competition in key areas like Ford Pro, international operations, software and next-generation electric vehicles. Importantly, over time, we have significant financial upside as we bend the curve on cost and quality, a key focus of our team.
” Check This Out: Ford Enjoys Bullish Drive Ahead Of Q3 Earnings, Struggles To Break Through Higher Resistance Levels Outlook: Ford now expects full-year adjusted EBITDA of about $10 billion. The company anticipates full-year free cash flow of $7.5 billion to $8.
5 billion. Capital expenditures are expected to be in the range of $8 billion to $8.5 billion.
Ford anticipates full-year Ford Pro EBIT of about $9 billion and full-year Ford Blue EBIT of about $5 billion. The company anticipates a full-year loss of about $5 billion for the Ford Model e segment. Management will hold a conference call to discuss the company’s third-quarter results at 5 p.
m. ET. Ford said it will report financial results for the fourth quarter after the market close on Feb.
5. F Price Action: Ford shares were down about 7% year-to-date heading into the print. The stock was down 4.
40% after hours at $10.87 at the time of publication Monday, according to Benzinga Pro . Read Next: Ford Looks To Boost Mustang Mach-E Sales In US With Michigan-Made Batteries, Lower Starting Price Photo: Shutterstock.
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