Ford's Profit Tanked But It Still Managed to Beat Wall Street Estimates
Apr 30, 2017, 01:14
Earnings per share for Ford were 39 cents in comparison to 36 cents that Wall Street was expecting.
Ford expects commodity costs to be around $1 billion higher this year.
The Dearborn, Michigan-based automaker saw its net income fall by 35% to US$1.6bn, with adjusted pre-tax profit coming in at US$2.2bn and earnings per share of US$0.39, above market expectations for US$0.35 per share.
Higher costs had been created by an increase of $467 million in warranty costs, an increase of $176 million in costs of commodities and an increase of $253 million in costs to launch new products.
Across January, February and March, Ford earned $1.6 billion in profit, significantly less than the $2.4 billion it earned in the record-setting first quarter of 2016. ( F ) reported Thursday lower profit in its first quarter, while revenues increased from past year.
First-quarter revenue increased to $US39.1 billion compared with $US37.7 billion for the same period a year ago.
Ford delivered 1.7-million vehicles globally in the first quarter, while Daimler delivered 754,300, of which 568,100 were Mercedes-Benz cars.
By Comcast [Public domain], via Wikimedia CommonsComcast said adjusted EBITDA rose 10.4% year over year to $7 billion, while consolidated net income attributable to Comcast rose 20.2% to $2.6 billion.
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Ford, along with all automakers, faces a USA automotive industry where sales are beginning to stall after a seven-year period of growth and record sales.
Now, amid plateauing US auto sales and heavy discounting across the industry, the vehicle maker is struggling to keep its profit momentum going. Ford said it had 14.1% of the North American market, down 0.5 points from past year.
Revenue during the quarter grew 3.79 percent to $39,146 million from $37,718 million in the previous year period.
According to the company, lower profit was driven by higher cost, lower volume and unfavorable exchange.
Cash flow from financing activities was $1,120 million for the quarter, down 73.83 percent or $3,159 million, when compared with the a year ago period.
"If the US holds up, management's expectation of the first quarter being the weakest could certainly turn out to be true", he said. Ford singled out its Lincoln division, F-150 and Super Duty as contributing to higher transaction prices in the US market and helping to deliver a still-healthy profit.
"Tesla is just all about the long-term potential of the company", David Whiston, an analyst with Morningstar Inc.in Chicago, said by phone ahead of Ford's earnings release.
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