Ford Motor Company is poised to announce its third-quarter earnings after the market closes on Monday, October 28, 2024. Wall Street analysts have high expectations, forecasting adjusted earnings per share (EPS) of 47 cents and a total revenue of approximately $41.88 billion for the automotive division.
This anticipated performance would reflect a modest 1.7% increase in automotive revenue compared to the same quarter last year, alongside a significant 19.9% rise in adjusted EPS. In the third quarter of 2023, Ford reported automotive revenue of $41.18 billion, net income of $1.17 billion, or 30 cents per share, and adjusted earnings before interest and taxes (EBIT) of $2.2 billion, equating to 39 cents per share.
Ford’s upcoming earnings report comes after a challenging second quarter, during which the company faced unexpected warranty costs that led to disappointing results, falling short of Wall Street’s expectations. As a result, Ford’s stock has seen a decline of over 7% throughout the year, putting additional pressure on the automaker to deliver strong performance.
In contrast, General Motors, Ford’s main competitor, recently reported a robust third-quarter performance that surpassed analyst expectations and revised its guidance for 2024 upwards. This has amplified the pressure on Ford to demonstrate a rebound in its financial results.
During the second quarter earnings call held in late July, Ford provided guidance for 2024, projecting adjusted EBIT in the range of $10 billion to $12 billion and adjusted free cash flow between $7.5 billion and $8.5 billion. Investors will be keenly watching the upcoming earnings call scheduled for 5 p.m. ET, where Ford executives are expected to address these projections and discuss the company’s strategic plans moving forward.
The automotive landscape is rapidly evolving, with increasing competition and changing consumer preferences, particularly in the electric vehicle (EV) segment. Ford’s introduction of the F-150 Lightning electric pickup truck has positioned the company as a key player in the EV market, but it remains to be seen how these efforts will translate into financial performance.
As Ford prepares to unveil its earnings, stakeholders are anxious to see if the automaker can regain momentum and deliver results that align with or exceed market expectations. The outcome of this earnings report could have significant implications for Ford’s stock performance and investor confidence in the company’s future prospects.
In summary, Ford Motor Company is set to report its third-quarter earnings, with analysts anticipating a positive uptick in revenue and earnings per share. The company faces challenges after a disappointing second quarter, and the results of this upcoming report will be crucial in determining its trajectory in the competitive automotive market.
