F -.60 to 13.13, despite a solid earnings beat. Their gas car sales were strong, but EV sales disappointed ..... but only 7% of the US market is EV, so they'll continue to rake in profits from gas and hybrid car sales for many years to come.
I picked up a few shares today for a trade .....
briefing -
Ford Motor beats by $0.18, beats on revs; raises FY23 adjusted EBIT and FCF guidance; raises FY23 EBIT guidance for Pro and Blue segments but lowers EBIT guidance for EV segment (13.74 +0.08) :
Reports Q2 (Jun) earnings of $0.72 per share, excluding non-recurring items, $0.18 better than the FactSet Consensus of $0.54; revenues rose 11.9% year/year to $44.95 bln vs the $43.17 bln FactSet Consensus.
Appeal of Ford Pro to commercial customers produces 22% revenue growth; EBIT more than doubles to $2.4 bln, a 15% margin; software, repair services sales up.
Ford Blue gas and hybrid business posts higher wholesales and revenue, reports $2.3 bln in EBIT; all-new global Ranger pickup even more popular, profitable.
Ford Model e revenue up 39%; scaling, competitive pricing further establishing leadership ahead of industry's next-generation EVs; now expecting to reach 600K run rate in 2024. "The near-term pace of EV adoption will be a little slower than expected, which is going to benefit early movers like Ford," Farley said. "EV customers are brand loyal and we're winning lots of them with our high-volume, first-generation products; we're making smart investments in capabilities and capacity around the world; and, while others are trying to catch up, we have clean-sheet, next-generation products in advanced development that will blow people away."
Co increases its FY23 guidance: Adjusted EBIT is raised to $11-12 bln from $9-11 bln prior guidance; co now expects FY23 adjusted free cash flow of $6.5-7.0 bln vs prior guidance of around $6 bln. Co also guides to FY23 cao-ex of $8-9 bln.
Ford now expects full-year EBIT by segment:
Approaching $8 bln (up from $7 bln prior guidance) for Ford Pro, more than double in 2022, from significant yr/yr improvement in pricing and volume;
About $8 bln (up from "approaching $6 bln" prior guidance) from Ford Blue, with higher volumes and stronger mix more than offsetting any potential pricing headwinds;
A loss of about $(4.5) bln (vs prior guidance of $(3) bln loss) for Ford Model e, reflecting the pricing environment, disciplined investments in new products and capacity, and other costs.
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