Ford Motor Lowers Profitability Guidance Amid Strong Q3 Results

Investing.com — Ford Motor lowered its full-year profitability guidance on Monday despite reporting third-quarter results that topped Wall Street expectations.

Ford Motor Company (NYSE:F) fell 4% following the report in afterhours trading.

The automotive company reported earnings of $0.49 on revenue of $46.2 billion. Analysts polled by Investing.com anticipated EPS of $0.47 on revenue of $45.32 billion.

The bottom line was hit by a previously announced $1 billion electric vehicle-related writedown as part of a move to scale down its EV plans and prioritize the development of hybrid models and electric commercial vehicles.

Looking ahead, the company now expects adjusted earnings before interest and taxes, or EBIT, of $10B for 2024, which is at the lower end of prior guidance for $10B to $12B.