Ford F-150 Lightning trucks manufactured at the Rouge Electric Vehicle Center in Dearborn Michigan.
Courtesy: Ford Motor Co.
DETROIT – Ford Motor is set to report its first-quarter results after the bell Wednesday.
Here’s what Wall Street is expecting:
- Adjusted EPS: 37 cents, according to Refinitiv consensus estimates
- Automotive revenue: $31.13 billion, according to Refinitiv consensus estimates
Ford’s results come a day after its crosstown rival, General Motors, easily beat Wall Street’s earnings expectations. GM also surprised analysts by maintaining its adjusted pretax profit guidance of $13 billion to $15 billion for 2022, despite a litany of supply chain issues and increased costs. Both put pressure on Ford’s results.
Evercore ISI in a note to investors last week said it expects Ford to cut its 2022 outlook due to the growing number of problems facing the company. It cited the company’s exposure to supply chain problems in Europe due to Russia’s war in Ukraine and the increased cost of aluminum used in its top-selling F-Series pickups, among other issues.
In early March, Ford reaffirmed its expectations of a pretax profit between $11.5 billion and $12.5 billion for the year. However, supply chain problems have only gotten more complex since then, according to analysts.
Ford’s stock has been under pressure this year, down about 30% this year. It was the top growth stock among automakers in 2021.
Aside from the earnings and guidance, investors will be watching for any updates or progress on CEO Jim Farley’s Ford+ turnaround plan and for any new information on the company’s electric vehicle plans. Ford celebrated the start to production of its electric F-150 Lightning pickup earlier this week.
This is breaking news. Please check back for updates.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
