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A Ford F-150 Lightning electric pickup truck is displayed for sale at a Ford dealership on August 21, 2024 in Glendale, California.
Mario Tama | Getty Images
DETROIT — Ford Motor reported earnings after the bell.
Here's how the company performed in the third quarter, compared with average estimates compiled by LSEG:
Earnings per share: 49 cents adj. vs. 47 cents adj. expectedAutomotive revenue: $43.07 billion vs. $41.88 billion expectedThose results would mark a 1.7% uptick in automotive revenue compared with the same period a year earlier and a 19.9% increase in adjusted earnings per share.
Ford's 2023 third quarter included $41.18 billion in automotive revenue, net income of $1.17 billion, or 30 cents per share, and adjusted earnings before interest and taxes of $2.2 billion, or 39 cents per share.
The Detroit automaker will look to rebound from a disappointing second quarter in which unexpected warranty costs caused the company to miss Wall Street's earnings expectations.
Ford's stock is down by more than 7% this year.
The automaker is under pressure to perform following crosstown rival General Motors easily topping Wall Street's third-quarter expectations and raising key 2024 guidance targets.
Ford's 2024 guidance as of its second-quarter results in late July included adjusted earnings before interest and taxes, or EBIT, of between $10 billion and $12 billion and adjusted free cash flow of between $7.5 billion and $8.5 billion.
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