On September 17, 2020, the upcoming Ford CEO Jim Farley (left) and Ford Executive Chairman Bill Ford Jr. held a meeting at the company’s pickup truck factory in Michigan During the event, pose with the 2021 F-150.
Ford Motor blew Wall Street expectations and the company’s expected earnings in the third quarter due to stronger than expected demand during the coronavirus pandemic.
According to analyst average expectations compiled by Refinitiv, this is a comparison of Ford̵
- According to Refinitiv’s data, adjusted earnings per share are 65 cents, compared to the expected 19 cents
- According to Refinitiv’s data, auto revenue: US$34.71 billion, compared to the expected US$33.51 billion
Ford’s chief financial officer, Tim Stone, who left the company earlier this month, told investors in July that the automaker expects adjusted pre-tax profits in the third quarter to be between $500 million and $1.5 billion. between. This will be a decrease from the US$1.8 billion in the third quarter of 2019.
Stone said the decline reflects the economic impact of the coronavirus pandemic, the decline in Ford Credit’s profits, and the weakening global demand for new cars, parts and services.
After the US consumer demand is stronger than expected, especially after the strong demand for Ford F-150 and other trucks, analysts and investors are observing whether Ford can exceed expectations in the second quarter.
Wall Street is also paying attention to any other business changes by Ford CEO Jim Farley, which will take effect on October 1. After Jim Hackett, any latest news from the company is also The debts increased by the pandemic were cleared.
In July, Ford repaid $7.7 billion of the $15.4 billion outstanding in its revolving credit line, and also extended $4.8 billion of its three-year revolving credit line.
Although the stock price rose nearly 15% in October this year, Ford Motor’s stock price has fallen 17% so far this year.