Show Me The Money! -- Ford's 3Q20 Net Income Absolutely Buries Results From A Year Ago -- October 28, 2020

Link here.

Ford reported net income in the third quarter of $2.4 billion, or 60 cents a share, compared with $400 million, or 11 cents a share, a year earlier.

And, actually, even better than that:

Excluding items, Ford's profit was $3.6 billion, or 65 cents a share, topping the 19 cents analysts polled by Refinitiv had expected.

Analysts get much of their information from guidance provided by the CEO. How was this missed? 60-plus cents reported vs expectations of 20 cents. 

Press release from Ford:

• reports $2.4 billion in net income and 6.4% net income margin, on revenue of $37.5 billion
• achieves adjusted EBIT of $3.6 billion and adjusted EBIT margin of 9.7%, led by North America at 12.5%
• generates $11.1 billion in company operating cash flow – $6.3 billion of adjusted FCF – ending Q3 with nearly $30 billion in cash and more than $45 billion in liquidity
• readies for fourth-quarter launches of three anticipated, all-new vehicles: 2021 F-150, all-electric Mustang Mach-E, and Bronco Sport – first of new Bronco family of products
• expects positive full-year 2020 adjusted EBIT, including fourth-quarter adjusted EBIT between break-even and a $500 million loss
  

So, Ford reports $3.6 billion EBIT in the third quarter but as much as a $500 million loss in 4Q20 when they launch their Mustang Mach-E.

Ford's quarterly earning history since 2006 at this site.