Ford said adjusted earnings for the three months ending in September were set at 51 cents per share, down 15.4% from the same period last year, but well ahead of consensus forecast Street of 27 cents per share. Group revenues, Ford said, fell 4.8% from a year ago to $ 35.7 billion, significantly ahead of analysts’ estimates of a tally of $ 32.5 billion . For the full year, Ford said adjusted profit for the full year would be between $ 10.5 billion and $ 11.5 billion, up from its previous estimate of 9 to $ 10 billion, sales could increase 30% from first half volumes.
Ford will also pay a dividend of 10 cents per share in the fourth quarter on December 1.
“This is the most exciting Ford lineup I’ve seen, but what matters is that customers love our new products and services – and we’re just getting started,” said CEO Jim Farley . “Our company’s trajectory gives us great confidence in Ford +, and we obsessively turn the promise of the plan into reality. ”Ford shares rose 4.6% in extended hours trading after the results were released to indicate an opening bell price on Thursday of $ 16.22 each.
Ford’s biggest rival, General Motors (DG) – Get the report from General Motors Company (GM) beat Street’s third quarter profit forecast before trading began, but stuck to its full-year profit forecast and warned the global semiconductor shortage would likely last until the second semester of next year.
GM said adjusted profit for 2021 “will likely approach the high end” of its earlier forecast of between $ 5.70 and $ 6.70 per share, or $ 11.5 billion to $ 13.5 billionShares of the group ended Wednesday’s session down 5.3% to $ 54.34 each.
Earlier this month, Ford said its overall vehicle sales in the United States were down 17.7% from a year ago to 156,614 units in the month of September. Truck sales, Ford said, fell 22.6% to 83,554 units. Sales of its electrified cars, however, rose 91.6% from a year ago to 9,150, while reservations for the new electrified F-150 Lightning surpassed 150,000.Ford also managed to increase its overall inventory by 21,000 vehicles for the month, despite plant closings and delays related to the global semiconductor shortage, to reach a total gross inventory of 236,000 units.