Ford (F) Stock Up 4% Following Q3 EPS Beat, Reinstated Dividend
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Ford Motor (NYSE: F) shares were trading around 4% higher after-hours following the company’s reported Q3 results, with EPS coming in at $0.51, beating the consensus estimate of $0.27. Quarterly revenue decreased by 4.8% year-over-year to $35.7 billion, compared to the consensus estimate of $33.11 billion.
According to John Lawler, the CFO of Ford, the underlying strength of the business supports an increase in its full 2021-year adjusted EBIT guidance to $10.5 - $11.5 billion. The company’s expectations for Q4 adjusted EBIT assume growth in wholesale shipments from Q3, combined with a continued healthy mix of vehicles sold and net pricing, and continued strong, but sequentially somewhat lower, results from Ford Credit. The company kept its full 2021-year adjusted free cash flow guidance at $4.0 - $5.0 billion.
President and CEO Jim Farley called the Ford lineup "the most exciting" he's seen.
Further, Ford’s board of directors voted to reinstate a regular quarterly dividend starting in Q4. The company will pay $0.10 per share.
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