Ford earnings are out – here are the numbers


Ford Motor Co. CEO Jim Farley walks to speak at a news conference at the Rouge Complex in Dearborn, Michigan, September 17, 2020.

Rebecca Cook | Reuters

DETROIT – Ford Motor reported earnings after the bell. Here are the results.

  • Adjusted results: 13 cents per share, adjusted vs a loss of 3 cents a share
  • Automotive revenue: $24.13 billion vs $24.25 billion

Ford last month said its adjusted pretax earnings for the second quarter would top its expectations and be “significantly better than a year earlier,” while net income would be “substantially lower” than the same period last year.

The company reported a net profit of $1.1 billion and an adjusted pretax loss of $1.9 billion during the second quarter of 2020.

In April, Ford forecasted its adjusted pretax profit for the year to range from $5.5 billion to $6.5 billion, including an adverse effect of about $2.5 billion from the semiconductor shortage. That impact was the high end of a previously guided loss due to the problem.

Outside of Ford’s earnings and any change to guidance, Wall Street analysts will be looking for updates on CEO Jim Farley’s Ford+ turnaround plan, the semiconductor chip shortage and new product launches.

Shares of Ford have more than doubled since Jim Farley became CEO in October, including a more than 50% jump so far this year. 



Source link