World News – US – Ford reverses profit expectations as consumers buy trucks during pandemic

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Ford Motor reversed Wall Street expectations as well as the company’s expected third quarter earnings thanks to stronger than expected demand during the Coronavirus pandemic

Here is how Ford performed against Wall Street expectations, based on average analyst estimates compiled by Refinitiv

Ford shares jumped more than 6% during the after-hours trading period to around $ 820 a share The stock closed Wednesday at $ 770, down 28%

The company earned $ 2.34 billion in the third quarter, up from about $ 423 million a year earlier Its total revenue also increased from about $ 500 million to $ 37 billion in the third quarter of 2019

« We have performed very well this quarter, » Ford CFO John Lawler said at a media briefing on Wednesday.

Due to costs related to new or redesigned vehicle launches late in the year, the company forecast adjusted fourth quarter profit to be between breakeven and a loss of $ 500 million This would keep the business in the dark for the year

Former Ford CFO Tim Stone, who left the company earlier this month, told investors in July that the automaker was forecasting adjusted pre-tax profits of between $ 500 million and 1 dollar5 billion in the third quarter This would have been down from 1 $ 8 billion in the third quarter of 2019

Analysts and investors were watching to see if Ford will be able to beat its previous forecast as it did in the second quarter after consumer demand in the US was stronger than expected, especially for trucks such as the Ford F-150

Data is a real-time snapshot * Data is delayed by at least 15 minutes Global business and financial news, stock quotes and market data and analysis

Ford Motor Company, Profits, NYSE: F

Global news – US – Ford reverses revenue expectations as consumers buy trucks during pandemic



SOURCE: https://www.w24news.com/news/world-news-us-ford-reverses-profit-expectations-as-consumers-buy-trucks-during-pandemic/?remotepost=479056

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