Ford Motor Co F is trading higher Thursday after the company announced better-than-expected third-quarter financial results and raised guidance.
Ford reported quarterly adjusted earnings of 51 cents per share, which beat the estimate of 27 cents per share. The company reported quarterly revenue of $35.7 billion, which beat the estimate of $32.54 billion.
Ford raised its full-year 2021 adjusted EBIT guidance from a range of $9 billion to $10 billion to a range of $10.5 billion to $11.5 billion.
The company announced that it will resume its quarterly dividend at 10 cents per share.
"This is the most exciting Ford lineup I’ve seen, but what matters is that customers love our new products and services – and we’re just getting started. The trajectory of our business gives us huge confidence in Ford+, and we’re obsessively turning the plan’s promise into reality," said Jim Farley, president and CEO of Ford.
See Also: Ford Motor: Q3 Earnings Insights
RBC Capital analyst Joseph Spak maintained Ford with an Outperform rating and raised the price target from $16 to $17.
F Price Action: Ford is making new 52-week highs Thursday.
The stock was up 8.12% at $16.77 at time of publication.
Photo: courtesy of Ford.
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