Ford earnings and sales fall — but not as much as feared
CNN
As with most automakers, Ford's earnings took a hit from the supply chain problems and computer chip shortage. But its third quarter results were much better than Wall Street expected. The company also raised its outlook for future earnings and restored its dividend.
The company posted adjusted earnings of $2 billion, down 22% from a year earlier and less than the adjusted earnings from Tesla, which despite its soaring stock value has only a fraction of the sales of any major automaker.
Ford's automotive revenue of $33.2 billion fell 4% from a year ago (although it was nearly triple that of Tesla (TSLA)). But both the revenue and earnings were much better than analysts surveyed by Refinitiv had expected. They had been forecasting Ford would earn less than $1 billion on automotive revenue of $32.5 billion.
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