On March 28, 2024, Ford exhibited at the New York International Auto Show.
Daniel DeVries
detroit- Ford First quarter earnings were reported after the market closed on Wednesday.
Here’s what Wall Street expects, based on an average of analyst forecasts compiled by the London Stock Exchange Group (LSEG):
- Earnings per share: Adjusted to 42 cents
- Car Income: $40.1 billion
The results mean revenue increased 2.6% from the year-ago period and adjusted earnings per share fell 32.9%. Ford’s first-quarter 2023 results included revenue of $39.09 billion; $1.8 billion, or 44 cents per share, and adjusted EBIT of $3.38 billion.
Automakers issued 2024 guidance in February that included adjusted earnings in the $10 billion to $12 billion range from interest and $7 billion in capital expenditures;
Wall Street has less consensus on Ford’s performance than its cross-town rivals General motorThe company reported strong first-quarter results on Tuesday, raising full-year guidance. Ford is Morgan Stanley’s “top pick,” but others on Wall Street are less optimistic about the company.
“While we prefer Ford over suppliers, compared to (Ford), we still prefer GM.”
Ford has struggled for years with high warranty costs, which will hit $1.9 billion by 2023, hurting its bottom line. The company said last year that it was losing $7 billion to $8 billion annually compared to traditional rivals due to production costs, quality issues and other operational inefficiencies.
Investors will be watching for improvements in these areas and progress on CEO Jim Farley’s “Ford+” restructuring plan that was first announced in 2021, as well as any additional updates or delays to its all-electric vehicle plan.
– CNBC Michael Bloom Contribute to this report.
This is a development story. Please check back for updates.
