Ford falls short of expectations for its electric vehicle business.
London, October 30, 2024, (Oilandgaspress) ––– Ford announced third-quarter revenue of $46 billion, with net income totaling $0.9 billion. This figure includes a $1 billion charge related to its electric vehicle business, which the company had previously disclosed. Adjusted earnings before interest and taxes (EBIT) for the quarter came in at $2.6 billion.
Here are all the company’s Q3 figures versus estimates, via Bloomberg:
Total Revenue: $46.2 billion, up 5.5% year-over-year (y/y), surpassing the $43.07 billion estimate.
Ford Blue Revenue: $26.2 billion, exceeding the $24.63 billion forecast.
Ford Model e Revenue: $1.2 billion, below the $1.42 billion estimate.
Ford Pro Revenue: $15.7 billion, above the $15.28 billion projection.
Adjusted EPS: 49 cents, matching analyst expectations.
Adjusted EBIT: $2.6 billion, up 18% y/y, though below the $2.77 billion estimate.
Adjusted EBIT Margin: 5.5%, improving from 5% y/y but short of the 6.3% forecast.
Ford Blue EBIT: $1.63 billion, missing the $1.77 billion estimate.
Ford Model e EBIT Loss: $1.22 billion, smaller than the expected loss of $1.34 billion.
Ford Pro EBIT: $1.81 billion, outperforming estimates.
The automaker’s Ford Pro division saw solid growth, with revenue rising 13%. Additionally, Ford Pro Intelligence, the company’s paid software service, reported a 30% increase in subscriptions, reaching nearly 630,000 users.
Information Source: Read More
Oil and gas press covers, Energy Monitor, Climate, Gas,Renewable, Oil and Gas, Wind, Biomass, Sustainability, Oil Price, LPG, Solar, Marine, Aviation, Fuel, Hydrogen, Electric ,EV, Gas,
