Ford guides to low end of 2024 earnings forecast as it slightly tops Wall Street’s third-quarter expectations
Ford and Lincoln vehicles are displayed for sale at a Ford dealership on August 21, 2024 in Glendale, California.
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DETROIT — Ford Motor guided to the low end of its previously announced 2024 earnings forecast as it slightly topped Wall Street’s third-quarter expectations.
The Detroit automaker said Monday it now expects adjusted earnings before interest and taxes, or EBIT, of about $10 billion. It had previously guided to between $10 billion and $12 billion. It retained its forecast for adjusted free cash flow of between $7.5 billion and $8.5 billion.
Here’s how the company performed in the third quarter, compared with average estimates compiled by LSEG:
- Earnings per share: 49 cents adj. vs. 47 cents adj. expected
- Automotive revenue: $43.07 billion vs. $41.88 billion expected
Shares of the automaker were down by more than 4% during after hours trading after closing Monday at $11.37, up 2.7%.
The automaker was under pressure after a disappointing second quarter in which unexpected warranty costs caused the company to miss Wall Street’s earnings expectations.
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Source – CNBC
