From Yahoo Finance, October 26:
Ford says Americans are 'unwilling' to pay premiums for EVs versus gas-powered cars
Ford (F) reported mixed third-quarter earnings, following the the tentative deal reached with the United Auto Workers (UAW) on a labor contract. However due to the effects of the labor stoppage, Ford joined cross-town rival GM in pulling its full-year guidance. Ford shares were lower in after hours trading following release of the results.
For the quarter, Ford reported top-line revenue of $43.8 billion vs $41.21 billion estimated, which was nearly an 11% improvement from a year ago but a dip from the $45.0 billion reported in Q2. Ford posted adjusted EPS of $0.39 vs $0.47 estimated and adjusted EBIT of $2.2 billion.
In terms of guidance, Ford said through Q3 it had earned $9.4 billion in adjusted EBIT toward its full-year range of $11 billion to $12 billion it affirmed in late July. "However, given effects of the UAW strike and with ratification of the tentative agreement with the union that was announced Wednesday night pending, Ford is withdrawing its guidance for full-year 2023 operating results," the company said in a statement.
Labor deal aside, Q3 marked the third time Ford reported performance across its three main business lines — Ford Blue for gas-powered cars, Ford Model e for its EV business, and Ford Pro for its commercial and Super Duty trucks business. Ford reported the following:
Ford Blue
Revenue: $25.6 billion vs. $23.93 billion est.
EBIT: $1.72 billiion vs. $1.94 billion est.
Ford Model e
Revenue: $1.8 billion vs. $2.34 billion est.
EBIT loss: $1.33 billion vs. $1.27 billion est....
....MUCH MORE
