Ford Q2 Earnings Surge: In Q2, Ford did well. It made $1.54 billion, more than last year’s $600.3 million. Gas trucks and SUVs compensated for the decline in electric cars, and the company expanded.
The company made $45 billion in Q2, 12% more than last year. Ford sold 1% more cars this quarter than last, or 1.1 million more cars globally.
Ford’s picture has black parts. This quarter, the electric car business lost $900 million before interest and taxes. Last year at this time, it had lost over twice as much. Due to increased electric car availability, Ford reduced prices for its F-150 Lightning pickup truck and Mustang Mach-E hatchback.
Ford now says 2023. Now, they estimate that making battery-powered cars will cost $4.5 billion before interest and taxes. This is over $2.4 billion from last year.
Ford’s CFO, John Lawler, said electric cars are gaining popularity, but the early majority will take longer to adopt them. Lower prices and slow deliveries harm Ford’s electric car business.
Ford delayed selling its electric cars to the public. Instead of producing 600,000 vehicles this year, they plan to make 540,000 vehicles in 2024.
To offset electric car losses, Ford sold more gas-powered vehicles. In Q2, gas and hybrid car sales generated $2.3 billion before interest and taxes. Ford’s business division earned $2.4 billion.
Ford aims to earn around $11-12 billion in 2023, excluding debt, taxes, and other expenses. The company is determined to succeed in the car business because their new estimate is better than the previous one, which projected earnings between $9 billion and $11 billion.
Ford’s Q2 numbers caused a 1% increase in after-hours stock trading. The Ford’s were pleased with their Ford’s financial performance. Ford is focused on new ideas, the environment, and growth in the car business. Because of this, they’ll live longer.
Our Reader’s Queries
What is the Ford dividend for the second quarter in 2023?
At the close of 2021, the dividend was brought back at $0.10 per share, which was $0.04 less than the previous payment of $0.14. Ford’s dividend climbed back to $0.14 per share each quarter in the latter part of 2022, and then rose to $0.15 per share in 2023.
What time is Ford’s earnings?
Ford’s upcoming earnings date is set for Tuesday, 02/06/2024 after the market closes. Investors depend on these announcements to make informed decisions about trading and managing risks.
What is Ford financial performance 2023?
After finalizing a new labor agreement and getting it approved, the company is sharing its updated financial outlook. Lawler discloses that Ford is now projecting adjusted earnings before interest and taxes for the full year 2023 to be between $10.0 billion and $10.5 billion.
How much did Ford make in the third quarter of 2023?
Quarterly company revenue rose to a staggering $44 billion, marking an impressive 11% increase from the previous quarter in 2022. Despite vehicle wholesales remaining flat, the company saw a remarkable reversal in net income, turning a year-ago net loss of $827 million into a substantial net income of $1.2 billion. This significant improvement can be attributed to the elimination of a $2.7 billion non-cash, pretax impairment on Ford’s investment in Argo AI.