Ford withdraws its annual forecasts







Photo credit © Ford

(Boursier.com) — Ford , the Michigan automaker, withdrew its financial estimates for the year 2023 due to the expected ratification of its agreement with the United Auto Workers union ending the strike in the United States. The group also warned of increased losses on electric vehicles. For the closed quarter, Ford announced revenue of $43.8 billion, compared to consensus of $41.2 billion. Growth therefore reached 11% year-on-year, but turnover declined compared to 45 billion in the second quarter. Ford also published quarterly adjusted earnings per share of $0.39 versus a consensus of $0.47. Adjusted EBIT was $2.2 billion. The manufacturer indicates that given the effects of the UAW strike and the ratification of the agreement in principle with the union announced Wednesday evening, it is withdrawing its operating profit forecasts for the whole of 2023 .Annual adjusted EBIT was expected between $11 billion and $12 billion.

For the quarter ended, the electric vehicle segment posted revenues of $1.8 billion, lower than expected, and an EBIT loss of $1.33 billion that was heavier than expected. Regarding this Model e business, Ford said the loss was attributable to investments in next-generation vehicles. “Many North American customers interested in purchasing electric vehicles are not willing to pay premiums over gasoline or hybrid vehicles, which significantly compresses the prices and profitability of electric vehicles,” he also explained. band.


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