Ford Motor (
F) announced worse-than-expected second-quarter earnings on Wednesday. Revenue met expectations. The auto giant continues to predict a full-year loss of around $5 billion for its electrical vehicle business amid continued pricing pressure and investments in next-generation EVs. Shares of Ford sank early Thursday.
Ford reported that Q2 EPS came in at 47 cents, down 35% compared to a year ago. Meanwhile, quarterly revenue increased 6% to $47.8 billion. Ahead of earnings, analyst consensus had Ford earnings of 68 cents per share and sales totaling $47.79 billion, according to FactSet.
The company also announced its 2024 adjusted EBIT view of $10 billion-$12 billion is unchanged while raising its adjusted free cash flow outlook by $1 billion to between $7.5 billion and $8.5 billion.
Meanwhile Ford also continues to anticipate a full-year loss of $5 billion-$5.5 billion for its EV segment.
Ford stock plunged 15.8% to 11.51 during
market action on Thursday, after declining 1.2% to 13.67 on Wednesday. Before the Q2 earnings release, Ford stock traded just below a 13.95
buy point from a
cup-with-handle base. Shares broke out on July 12, then hit a 52-week high of 14.85 intraday on July 18 before pulling back.
Ford's second-quarter earnings results come after
General Motors (
GM) r
eported better-than-expected earnings and sales early Tuesday amid robust truck sales and record EV sales.
GM also increased its full-year outlook, expecting 2024 adjusted EPS of $9.50-$10 and adjusted EBITS of $13 billion-$15 billion, up from $9-$10 and $12.5 billion-$14.5 billion, respectively. Analysts had forecast 2024 EPS of $9.45.
Tesla (
TSLA) also reported
mixed Q2 earnings and revenue on Tuesday, with quarterly EPS sinking more than 40%.
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