
Ford Misses Wall Street Expectations for Q3 2023 amid Pending Deal
The recent work stoppage by the United Auto Workers (UAW) union impacted the company’s ability to meet its financial targets.
The recent work stoppage by the United Auto Workers (UAW) union impacted the company’s ability to meet its financial targets.
Ford lifted its guidance range for full-year 2023 consolidated adjusted EBIT to between $11 billion and $12 billion.
Earlier this month, Ford reported mixed earnings results for Q4 2022, performing below analysts’ expectations.
Ford reported total revenues of $44 billion, thus a net income of about $1.3 billion for Q4 2022.
According to the Ford Q3 2022 financial report, the company experienced a string of supply chain problems.
Like Ford, many companies have been cutting costs and lowering headcounts due to the ongoing market condition.
Ford outperformed numerous automobile manufacturers in July, including Toyota, Ferrari, and Stellantis.
The Q2 2022 report is a turnaround for Ford, which saw a net loss of $3.1 billion in Q1.
Ford credit segment will use Stripe’s technology to process digital payments in markets across North America and Europe.
Over the past year, Ford stock has gained approximately 146.02% and is now up approximately 20.46% since the beginning of 2022.
Ford stock registered approximately 180% gains last year. Topping on last year’s gains, Ford shares have recorded gains of around 17.10% this year already.
Despite being 85%, and 47% up in the past year and YTD respectively, Ford stock has lost approximately 16%, and 7% in the past three months and one month respectively through Tuesday.
The production of the F-150 pickup truck, Ford Edge, and Lincoln Nautilus crossovers will experience a cut down next week due to the ongoing global shortage of semiconductor chips.
Ford recorded an automotive revenue of $24.1 billion, against $23 billion expected by analysts according to a survey conducted by FactSet.
Ford refused to add any additional details about its electric vehicle as its official public reveal is set to happen today at 9:30 p.m. EDT.