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Ford Motor Co., which is ahead of its heavy investment in electric vehicles, reported third-quarter results that exceeded analysts’ expectations as chip shortages eased and sales grew.
Profit excluding some items reached 51 cents per share, automakers said on October 27, above analysts’ estimated average of 27 cents. Revenues reached $ 35.7 billion, compared to a $ 31.6 billion forecast.
The company believes that solving a serious shortage of semiconductors, problems still plagued by General Motors, and strong demand for vehicles have yielded good results. Ford has accumulated the largest vehicle inventory in the industry.
The company also raised its full-year earnings forecast twice in the same number of quarters, forecasting profits before interest and taxes to be between $ 10.5 billion and $ 11.5 billion.
Ford shares closed at $ 15.51 and then rose 6.1% to $ 16.45 in extended trading. Shares have more than doubled since Jim Farley took over as CEO a year ago. The company plans to resume dividends this quarter.
Farley has swiftly moved to close gold-losing factories in Brazil and India, gaining investors by increasing investment in electric vehicles from one-third to $ 30 billion by 2025. .. The future of Ford’s electricity may excite investors, but at the cost of top sales-selling F-series pickups and popular sports utility vehicles like the Bronco.
According to researcher Edmunds.com, Ford’s average selling price rose from $ 45,599 in the previous year to $ 51,460 in the third quarter.
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Ford shatters estimates as sales increase
https://www.ttnews.com/articles/ford-shatters-estimates-sales-increase Ford shatters estimates as sales increase