Ford Motor nearly doubled Wall Street’s earnings projections and just about beat revenue expectations for the third quarter, leading the automaker to increase its annual guidance for the second time in 2021.
Here’s how Ford performed versus what Wall Street expected based on average analyst estimates compiled by Refinitiv.
- Adjusted EPS: 51 cents per share adjusted vs. 27 cents per share expected
- Automotive revenue: $33.21 billion vs. $32.54 billion expected
Ford’s shares jumped by more than 9% during after-hours trading. The stock closed Wednesday down by 2.7% to $15.51 a share.
Ford said Wednesday it would reinstate its regular dividend in 4Q, more than a year and a half after halting payments during the early days of the coronavirus pandemic.
The carmaker’s new full-year adjusted earnings guidance is between $10.5 billion and $11.5 billion, up from between $9 billion and $10 billion. Ford maintained its expectations for adjusted free cash flow of between $4 billion and $5 billion.