Ford's third-quarter revenue was US$46.2 billion, topping analysts' expectations.
1min read Securities Times News, Ford Motor announced its third-quarter earnings after the market closed on Monday, with revenue exceeding market expectations, but the company warned about its profit expectations. Ford expects its pre-tax profit this year to be about $10 billion, lower than the previous expectation of $10 billion to $12 billion. CEO Jim Farley pointed out that the global price war, overcapacity, the influx of new electric vehicle brands, and compliance pressure are the reasons for the downward revision of profit expectations.
Ford's third-quarter revenue was US$46.2 billion, higher than analysts' forecast of US$41.9 billion, but lower than the previous quarter's US$47.8 billion, up 5% year-on-year. Adjusted EPS was US$0.49, in line with expectations.
Through the "Ford+" plan, Ford is dividing its business into three segments: Ford Blue (traditional gasoline-powered business), Ford Model e (electric vehicle department) and Ford Pro (commercial and super truck business). In the third quarter, Ford's vehicle deliveries in the US grew 4.3% year-on-year, and its electric vehicle sales grew 12%, while its hybrid vehicle sales soared 38% year-on-year.
Meanwhile, Ford's rival General Motors performed well in the third quarter, with an estimated full-year pre-tax profit of US$14 billion to US$15 billion. General Motors also announced that it had repurchased US$16 billion worth of shares in the past year.
