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Ford Stock Soars on Q3 Earnings, Revenue Beat

Ford stock (NYSE:F) is soaring late in the day on Wednesday as the company posted its latest quarterly earnings results, which were stronger than what analysts were calling for on both the profit and revenue areas.

Ford StockThe American carmaker said that for its third quarter of fiscal 2018, it experienced strong sales of its trucks in North America, which helped to offset declining sales of passenger cars. The company was also hit with a number of challenges such as higher costs, lower volumes and issues in China that lowered its earnings year-over-year.

Ford said that its adjusted earnings for the period came in at 29 cents per share, which is stronger than the 28 cents per share that analysts were calling for, according to Refinitiv. Its net income came in at $1 billion, or 25 cents per share, which is below its year-ago total of $1.6 billion, or 39 cents per share.

The company added that for the period, it brought in automotive revenue of $34.7 billion, ahead of the $33.3 billion revenue that analysts expected, per Refinitiv. Total revenues were up about 3% year-over-year to $37.6 billion.

F stock is up about 5.4% after the bell on Wednesday following the company’s quarterly earnings results, which were stronger than what analysts were calling for in their consensus estimate. Shares had been sliding about 4.8% during regular trading hours in anticipation of the company’s results.

Article printed from InvestorPlace Media, https://investorplace.com/2018/10/ford-stock-ford/.

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