Ford and Lincoln vehicles are displayed for sale at a Ford dealership on August 21, 2024 in Glendale, California.
Mario Tama | Getty Images
DETROIT — Ford Motor guided to the low end of its previously announced 2024 earnings forecast as it slightly topped Wall Street’s third-quarter expectations.
The Detroit automaker said Monday it now expects adjusted earnings before interest and taxes, or EBIT, of about $10 billion. It had previously guided to between $10 billion and $12 billion. It retained its forecast for adjusted free cash flow of between $7.5 billion and $8.5 billion.
Here’s how the company performed in the third quarter, compared with average estimates compiled by LSEG:
- Earnings per share: 49 cents adj. vs. 47 cents adj. expected
- Automotive revenue: $43.07 billion vs. $41.88 billion expected
Shares of the automaker were down by more than 4% during after hours trading after closing Monday at $11.37, up 2.7%.
The automaker was under pressure after a disappointing second quarter in which unexpected warranty costs caused the company to miss Wall Street’s earnings expectations.
Ford’s third quarter results were led by its “Pro” commercial and fleet business as well as its traditional operations, known as “Ford Blue.” Blue reported adjusted earnings of $1.63 billion, while Pro earned $1.81 billion.
Its “Model e” electric unit recorded losses of $1.22 billion during the third quarter — less than a year earlier largely due to lower volumes.
Ford’s net income for the third quarter was $896 million, or 22 cents per share. Adjusted EBIT increased roughly 16% year over year to $2.55 billion. Ford’s 2023 third quarter included $41.18 billion in automotive revenue, net income of $1.17 billion, or 30 cents per share, and adjusted earnings before interest and taxes of $2.2 billion, or 39 cents per share.
Ford’s overall revenue for the third quarter, including its finance business, increased about 5% year over year to $46.2 billion.
This is breaking news. Please check back for updates.