Ford Q3 Earnings Highlights: Revenue Beat, EPS Miss, Electric Vehicle Update and More – Ford Motor (NYSE:F)

automotive giant Ford Motor Company F It reported its third-quarter financial results after the market closed on Wednesday. Here are the important points.

Ford’s Q3 Earnings Report: Ford Motor reported third-quarter automotive revenue of $37.19 billion, beating the Street estimate of $36 billion, according to data from Benzinga Pro. Overall company revenue in the third quarter was $39.4 billion, up 10% year over year.

The company reported earnings of 30 cents per share in the third quarter and missed a Street estimate of 32 cents per share.

Ford highlighted three customer-centric automotive business units in its earnings release: Ford Blue for petrol and hybrid vehicles, Ford Model E for electric vehicles, and Ford Pro for commercial vehicles and services.

“Winning for customers is re-establishing the company through Ford+ with lofty goals for quality, innovation, profitability and growth across all of our businesses – making smart choices about how we allocate capital, even as we learn and adapt,” said Ford CEO. Jim Farley aforementioned.

The company said supply shortages affected quarterly results, with nearly 40,000 vehicles built but waiting for additional parts. Supplier payments were also higher than expected in the third quarter.

Ford said it was number one. It is the second automotive company to retail in the United States electric vehicle market in the first nine months of the year.

Ford announced a loss from its operations in China in the third quarter due to its electric vehicle investments in the region. The company’s share fell to 2% in China in the third quarter.

Market share in North America increased to 12.8% in the third quarter. Overall global market share remained stable at 4.9% for the third quarter.

Related Link: How to Do Ford Stock Trading Before and After 3rd Quarter Earnings

What’s next for Dearborn: Ford announced that it is continuing its share repurchase plan to offset share-based compensation that could dilute shares. Share repurchase is for 35 million shares over time.

The company sees full-year adjusted EBITDA as $11.5 billion. The company also considers full-year adjusted free cash flow to be in the $9.5 billion to $10 billion range, up from the previous $5.5 billion to $6.5 billion range.

Ford expects electric vehicle production to reach 600,000 units by the end of 2023.

A few words from the Inflation Reduction Act were highlighted in the company’s earnings presentation. The company said it expects to see “significant benefits” from the IRA.

F Price Action: Ford shares fell 1.33% from $12.65 to $12.65 in after-hours trading Wednesday.

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