Ford Q3 Earnings Highlights: Revenue Beat, EPS Miss, Electric Vehicle Update And More

Zinger Key Points
  • Ford Motor reported third quarter automotive revenue of $37.19 billion, beating a Street estimate of $36.0 billion
  • Ford was the number two automotive company for retail sales in the electric vehicle market in the US for the first 9 months of 2022.

Automotive giant Ford Motor Company F reported third-quarter financial results after the market close Wednesday. Here are the key highlights.

Ford's Q3 Earnings Report: Ford Motor reported third-quarter automotive revenue of $37.19 billion, beating a Street estimate of $36 billion, according to data from Benzinga Pro. Overall company revenue in the third quarter was $39.4 billion, up 10% year-over-year.

The company reported earnings per share of 30 cents in the third quarter, missing a Street estimate of 32 cents per share.

Ford highlighted three customer-centered automotive business units in its earnings release: Ford Blue for gas-powered and hybrids, Ford Model E for electric vehicles and Ford Pro for commercial vehicles and services.

“Winning for customers is driving a re-founding of the company through Ford+, with high ambitions for quality, innovation, profitability and growth across all our businesses – making smart choices about how we deploy capital even as we learn and adapt,” Ford CEO Jim Farley said.

The company said supply shortages impacted the quarterly results, with around 40,000 vehicles built but waiting on additional parts. Supplier payments were also higher than anticipated in the third quarter.

Ford said it is the No. 2 automotive company for retail sales in the electric vehicle market in the United States in the first nine months of the year.

Ford posted a loss from its operations in China in the third quarter due to investments in electric vehicles for the region. The company’s share declined to 2% in China for the third quarter.

Market share in North America increased to 12.8% in the third quarter. Overall global market share remained steady at 4.9% for the third quarter.

Related Link: How To Trade Ford Stock Before And After Q3 Earnings 

What’s Next For Dearborn: Ford announced it is resuming a share buyback plan to offset stock-based compensation that could be dilutive to shares. The share buyback is for 35 million shares over time.

The company sees full-year adjusted EBIT being $11.5 billion. The company also sees full-year adjusted free cash flow being in a range of $9.5 billion to $10 billion, up from a prior range of $5.5 billion to $6.5 billion.

Ford sees electric vehicle production scaling to 600,000 units by the end of 2023.

Several mentions of the Inflation Reduction Act were highlighted in the company’s earnings presentation. The company said it expects to see “significant benefits” from the IRA.

F Price Action: Ford shares were down 1.33% at $12.65 in after-hours trading Wednesday.

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