© Stocksak. Ford Motor Q3 Earnings Per Share Misses Expectations, While Revenue Beats. Shares down 2%
By Davit Kirakosyan
Ford Motor Company (NYSE 🙂 reported its, with an EPS of $0.30 worse than the consensus estimate at $0.32 and a revenue of $39.4 Billion (up 10% despite supply chains issues) beating the consensus estimate at $37.75 Billion. After-hours trading was almost 2% lower.
In Q3, the company made the strategic decision to shift its capital investment from the L4 advanced driver aid systems being developed and maintained by Argo AI to internal L2+/L3 technology. Argo AI was previously unable to attract new investors. Accordingly, the company suffered a $2.7B non-cash, posttax impairment on its investment into Argo AI. This resulted in an $827 million net loss in Q3.
The company gave its full-year outlook. It expects adjusted EBIT to be around $11.5 billion (up approximately 15%) and raised its adjusted free cashflow estimate to $9.5-10 billion.