Ford stock falls despite Q3 sales beat...
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Ford (F) reported third quarter earnings after the bell on Monday, beating on revenue but guiding to the lower end of its full-year forecast.
The automaker's results follow rival GM’s (GM) blowout Q3 report and third profit guidance boost for the year.
Ford reported revenue of $46.2 billion compared with the $41.9 billion estimated per Bloomberg data. That was lower than the $47.8 billion reported last quarter but 5% higher than revenue of $43.8 billion a year ago.
It posted adjusted earnings per share of $0.49, matching estimates, on adjusted EBIT (earnings before interest and taxes) of $2.6 billion. Net income came in at $900 million, affected by a one-time $1 billion EV-related charge that had been previously disclosed.
Ford lowered its full-year profit forecast. The automaker now expects 2024 adjusted EBIT "to be about $10 billion," which is at the lower end of its previous range of $10 billion to $12 billion.
Ford stock closed down nearly 9% on Tuesday.
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