Ford Motor beats by $0.05, beats on revs; reaffirms profit outlook:
- Reports Q1 (Mar) earnings of $0.39 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of $0.34; revenues rose 3.5% year/year to $36.48 bln vs the $34.62 bln Capital IQ Consensus. Lower profit year over year driven by higher cost, lower volume and unfavorable exchange; higher cost due to warranty, investments in new products and emerging opportunities for future growth, and rising commodity costs
- Average transaction prices in the U.S. were up $1,971 year over year, nearly four times more than the industry average of $506, driven by F-150, Super Duty and Lincoln
- Automotive results were driven by North America; Europe and Asia Pacific were also profitable. Ford Credit pre-tax profit was $481M
- For 2017: Continue to expect total company adjusted pre-tax profit to be about $9B, also a platform from which to build stronger results for 2018, led by gains in the core business; expect full-year cost efficiencies of nearly $3B to mostly offset costs outside of investments in emerging opportunities
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