On March 28, 2024, Ford demonstrated at the New York International Auto Show.
Danielle DeVries | CNBC
Detroit – Ford The company will report second-quarter earnings after the market close on Wednesday.
The Detroit automaker’s results are expected to be relatively healthy, although down from the second quarter of 2023 and not as strong as its crosstown rivals General MotorsEarnings results were released on Tuesday.
Wall Street expected the following, according to an average estimate compiled by London Stock Exchange Group (LSEG):
- Adjusted earnings per share: 68 cents
- Car income: $44.02 billion
The results would mark revenue growth of 3.8% from a year ago and adjusted earnings per share falling 5.2%. Ford’s second-quarter results last year included revenue of $42.43 billion, net income of $1.92 billion, or 47 cents per share, and adjusted earnings before interest and taxes of $3.79 billion.
Ford’s guidance for the year includes adjusted earnings before interest and taxes (EBIT) of $10 billion to $12 billion and free cash flow of $6.5 billion to $7.5 billion.
Ford’s shares are up about 15% this year as pricing in the auto industry remains more resilient than expected.
But with the industry-wide transition to electric vehicles moving slower than expected, the automaker has adjusted its product plans to focus less on fully electric vehicles and more on hybrids.
Most recently, Ford said last week it plans to expand production of its large supertrucks to a Canadian plant that was previously planned to be converted into an all-electric vehicle hub.
This is breaking news. Please check back for updates.
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