Ford Stocks Attains an All-Time High ($16.97)
Ford Motor Company’s shares went up after it announced a far stronger quarter than General Motors earlier in the day.
Ford (ticker: F) outperformed its peers in terms of profit, but it also upped full-year profit expectations, something GM couldn’t accomplish. GM was also beaten by Ford in another way. It has resumed paying quarterly dividends to stockholders.
Ford (ticker: F) announced 51 cents in earnings per share, $3 billion in operating profit, and $37.5 billion in sales after the market closed on Wednesday. Wall Street expected 27 cents in earnings per share, $1.7 billion in operating income, and $38.2 billion in revenue.
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In early trading on Thursday, Ford shares was up 9.4% to $16.97.
The financial forecast provided by management appears to be sound. Ford increased its full-year operating profit expected to a range with a midpoint of around $11 billion, up from $9.5 billion before. That translates to a $2.1 billion operating profit in the fourth quarter of 2021, up to $100 million from the $2 billion Wall Street expected.
“We are creating a spring-loaded future as we emerge from the chip shortages and COVID constraints,” said CEO Jim Farley. “Spring-loaded” means he is waiting for production to rebound when parts become available. Ford wants to rebuild its dealers’ inventories, which are historically low.