福特汽车将全年调整后息税前利润预期下调至60亿—65亿美元，此前预计65亿—75亿美元。福特汽车预 测全年资本支出大约90亿美元，全年调整后自由现金流20亿—30亿美元。 北京商报讯（记者 蔺雨葳）北京时间10月24日，福特汽车发布的2025年第三季度财报显示，公司营收 505亿美元，同比增长9.3%；净利润24亿美元，调整后每股收益0.45美元。 ...

Market Overview - Major U.S. indices closed higher, with the Dow Jones Industrial Average up 0.3% at 46,734.61, the S&P 500 advancing nearly 0.6% to 6,738.44, and the Nasdaq climbing about 0.9% to 22,941.79 [1] Intel Corp (NASDAQ: INTC) - Intel's stock surged 3.36% to close at $38.16, reaching an intraday high of $38.4 and a low of $36.43, with a 52-week range of $17.67 to $39.65. In after-hours trading, the stock rose 7.7% to $41.10 [1] - The company's impressive third-quarter earnings included revenue of $13.65 billion, surpassing analyst expectations of $13.14 billion, and adjusted earnings per share of 23 cents, exceeding the predicted one cent, driven by increased demand for compute in the AI sector [2] Scienture Holdings, Inc. (NASDAQ: SCNX) - Scienture Holdings' shares skyrocketed 354.94% to $2.60, with an intraday high of $2.60 and a low of $0.82, and a 52-week range of $0.46 to $9.55. The stock declined 23.8% to $1.98 in after-hours trading [3] - The company announced the commencement of commercial sales for Arbli, a losartan potassium oral suspension, marking the first time the company has brought the drug to market [4] Ford Motor Co. (NYSE: F) - Ford's stock dipped 0.72% to close at $12.34, with an intraday high of $12.49 and a low of $12.19, and a 52-week range of $8.44 to $12.80. In after-hours trading, the stock rose almost 2.6% to $12.66 [5] - The company reported better-than-expected third-quarter earnings, with earnings per share of 45 cents surpassing the 36 cents estimate, and revenue of $47.18 billion also exceeding expectations [5] Deckers Outdoor Corp. (NYSE: DECK) - Deckers Outdoor saw a 1.64% rise in its stock price, closing at $102.54, with an intraday high of $104.08 and a low of $100.93, and a 52-week range from $93.72 to $223.98. In after-hours trading, the stock fell 12.3% to $89.91 [6] - The company's second-quarter earnings report revealed a 16% beat on earnings per share, with figures of $1.82 surpassing the $1.57 estimate. Deckers expects fiscal GAAP EPS between $6.30 and $6.39, slightly above the $6.28 consensus, with revenue projected at $5.35 billion, below analysts' estimate of $5.45 billion [7] Super Micro Computer, Inc. (NASDAQ: SMCI) - Super Micro's stock fell 8.72% to $47.92, with an intraday high of $51.84 and a low of $47.38, and a 52-week range of $17.25 to $66.44. In after-hours trading, the stock rose 1.2% to $48.49 [8] - The decline during regular trading hours followed a disappointing business update, projecting $5 billion in first-quarter revenue, falling short of the previously guided $6 billion to $7 billion [9]

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Production Strategy - Ford is prioritizing the production of its gas and hybrid F-150 trucks [1]

Core Insights - Ford Motor prioritizes production of gas and hybrid F-150 and F-Series Super Duty trucks to recover from losses due to a fire at an aluminum supplier's factory, while the all-electric F-150 Lightning is not prioritized [1][4] Production and Sales - Assembly of the F-150 Lightning remains paused as gas and hybrid F-Series trucks are more profitable and require less aluminum [2] - In Q3, Ford sold 10,005 F-150 Lightning pickups, a 39.7% year-over-year increase, while total vehicle deliveries were 545,522, with 207,732 being F-Series [3] - Ford has sold 23,034 F-150 Lightning trucks in 2025, about 1% more than the same period in 2024 [3] Financial Impact - The fire at Novelis' plant is expected to cost Ford up to $2 billion in earnings for Q4, leading to a reduction in full-year profit guidance for 2025 from $6.5 billion to $6 billion [8] Recovery Strategy - Ford plans to increase F-Series production by over 50,000 trucks in 2026 by adding a third shift, which is expected to create up to 1,000 new jobs [9]

Core Viewpoint - A devastating fire at Novelis' aluminum plant, a key supplier for Ford's F-150 pickup, is expected to impact the company's profits by up to $2 billion, overshadowing its previously strong financial performance [1][2]. Financial Performance - Ford's adjusted EBIT for the year is now projected to be between $6 billion and $6.5 billion, significantly down from the previous guidance of up to $7.5 billion, marking a 41% decrease from last year's $10.2 billion [1][2]. - Despite the Novelis incident, Ford's Q3 profits and sales exceeded Wall Street expectations, with adjusted earnings per share at $0.45, surpassing the analyst average of $0.36, and record sales of $50.5 billion, above the expected $43.7 billion [4]. Production Impact - The fire is expected to result in a production loss of approximately 100,000 vehicles this year, but the company plans to recover most of this loss by increasing F-series truck production by 50,000 units by 2026 [1][2]. - Ford plans to hire 1,000 employees at its Michigan and Kentucky plants to support the increased production [2]. Business Segments Performance - Ford Pro, which includes commercial vehicles and logistics services, reported nearly $2 billion in EBIT, an increase from $1.8 billion year-over-year [6]. - The traditional Ford Blue segment, covering internal combustion and hybrid models, achieved $1.5 billion in EBIT, slightly down from $1.6 billion in the previous year [7]. - The electric vehicle unit, Model e, reported a loss of $1.4 billion, widening from a $1.2 billion loss in the same period last year [7]. Tariff Impact - Ford's CFO indicated that the financial loss from tariffs is now expected to be $1 billion, down from a previous estimate of $2 billion, due to recent announcements regarding tariff policies [6].

Core Insights - Ford Motor has reduced its profit guidance due to a fire at a key aluminum supplier, Novelis, which will impact production of profitable vehicles until the end of the year [1][5] - The fire at the Novelis factory in Oswego, NY, is expected to cost Ford between $1.5 billion and $2 billion before taxes and interest, with an anticipated offset of about $1 billion next year [1][5] - Ford's third-quarter revenue reached $50.5 billion, a 9% increase year-over-year, and earnings per share were 45 cents, surpassing analysts' expectations [4][5] Financial Performance - Ford's annual earnings before interest and taxes outlook has been revised down to between $6.0 billion and $6.5 billion, down from a previous range of $6.5 billion to $7.5 billion [5] - The automaker expects to lose up to 100,000 units of production by year-end due to the Novelis fire, but plans to increase production of F-150 and SuperDuty trucks by 50,000 vehicles next year to recover some losses [12] Supply Chain and Production Adjustments - CEO Jim Farley indicated that efforts are being made to source aluminum from operational parts of the Novelis plant, with a goal to minimize impact in 2025 and recover production by 2026 [2][9] - Production of the F-150 Lightning EV truck will be paused indefinitely to prioritize more profitable gasoline versions [12] Tariff Impact and Government Support - Ford has faced a $1 billion net tariff impact due to recent relief measures announced by the government, which are expected to offset some costs associated with tariffs [7][14] - The company previously estimated that tariffs would cost up to $3 billion this year, with plans to offset $1 billion of that amount [6][7] Industry Context - The auto industry is experiencing potential disruptions beyond the Novelis fire, including tightened controls over battery materials exports from China and an intellectual-property dispute affecting chip supplies [13][16] - Sales of gasoline-fueled trucks and SUVs are driving profits for Detroit automakers, as both Ford and GM have adjusted their electric vehicle strategies to focus on traditional products [15]

Financial Performance - Total revenues for Q3 2025 reached $50,534 million, a 9.0% increase from $46,196 million in Q3 2024[8] - Net income for Q3 2025 was $2,448 million, compared to $896 million in Q3 2024, representing a 172.3% increase[8] - Comprehensive income attributable to Ford Motor Company for Q3 2025 was $2,816 million, compared to $1,260 million in Q3 2024, a 123.8% increase[10] - Basic earnings per share for Q3 2025 was $0.61, up from $0.22 in Q3 2024, reflecting a 177.3% increase[8] - Net income for the third quarter of 2024 was $2,447 million, compared to $1,332 million in the same quarter of 2023, representing an increase of 83.8%[17] - Total revenues for the third quarter of 2024 reached $46,196 million, up from $43,069 million in the third quarter of 2023, indicating a growth of 4.9%[32] - Total revenues for the first nine months of 2024 were $136,781 million, compared to $127,770 million in the first nine months of 2023, reflecting an increase of 7.9%[32] - The company reported a net income of $471 million for the first nine months of 2025, compared to $1,831 million in the same period of 2024, a decrease of 74.2%[32] Cash and Liquidity - Cash and cash equivalents increased to $26,788 million as of September 30, 2025, up from $22,935 million at the end of 2024[12] - Total cash and cash equivalents as of September 30, 2025, amounted to $26.788 billion, up from $22.935 billion as of December 31, 2024[46] - The total cash, cash equivalents, and restricted cash rose from $23,190 million at the end of 2024 to $27,084 million by September 30, 2025, marking an increase of approximately 16.3%[49] - Company cash, excluding Ford Credit, increased from $28.5 billion on December 31, 2024, to $32.9 billion on September 30, 2025[205] - Total liquidity, excluding Ford Credit, rose from $46.7 billion at the end of 2024 to $54.0 billion by September 30, 2025[205] Assets and Liabilities - Total assets grew to $300,990 million as of September 30, 2025, compared to $285,196 million at the end of 2024, an increase of 5.5%[12] - Total liabilities as of September 30, 2025, were $253,573 million, up from $240,338 million at the end of 2024, an increase of 5.5%[12] - Total finance receivables, net decreased from $111,636 million on December 31, 2024, to $108,361 million on September 30, 2025, a decline of about 2.0%[54] - The total recorded investment in finance receivables was $112,500 million as of December 31, 2024, and $109,258 million as of September 30, 2025, showing a reduction of about 2.0%[54] - The total past due consumer receivables at September 30, 2025, amounted to $1,084 million, representing 1.3% of the total consumer receivables[60] Segment Performance - Ford Blue reported external revenues of $26,238 million for Q3 2024, while Ford Model e generated $1,175 million, and Ford Pro achieved $15,655 million[144] - Segment EBIT for Ford Blue was $1,624 million, while Ford Model e reported a loss of $1,231 million, and Ford Pro achieved $1,813 million[144] - In Q3 2025, Ford's external revenues increased to $50,534 million, with Ford Blue at $28,018 million and Ford Model e at $1,783 million[146] - Segment EBIT for Ford in Q3 2025 was $2,746 million, indicating an improvement compared to the previous year[146] - Ford Model e segment reported a loss of $1,410 million in Q3 2025, a deterioration of $179 million from the previous year, despite a revenue increase of $608 million[181][183] Debt and Financing - Total debt excluding Ford Credit was $20.654 billion as of December 31, 2024, and increased to $21.775 billion by September 30, 2025[80] - Short-term debt payable within one year increased from $1.756 billion at December 31, 2024, to $3.918 billion at September 30, 2025[80] - The fair value of Ford Credit debt was $140.046 billion as of September 30, 2025, compared to $142.583 billion at December 31, 2024[82] - The company recorded costs of $1.1 billion in the first nine months of 2024 and $453 million in the same period of 2025 related to employee separation actions and restructuring initiatives[99] Future Outlook and Strategic Initiatives - Ford and SK On established a joint venture, BlueOval SK, LLC, to build electric vehicle battery plants with a loan agreement of up to $9.6 billion from the U.S. Department of Energy[107] - The company plans to cease production of the Focus at the Saarlouis Body and Assembly plant in Germany by the fourth quarter of 2025, repurposing the facility into a technical center[96] - Ford anticipates lower production in Q4 2025 due to a fire at a major aluminum supplier, which may impact Ford Credit receivables[151] - The company has observed lower-than-anticipated EV adoption rates, prompting potential adjustments in investments and production strategies[158] Tax and Regulatory Matters - The effective tax rate for Q3 2025 was negative 34.7%, influenced by a net benefit of $1.4 billion from the release of a valuation allowance[42] - Adjusted effective tax rates, excluding special items, were 19.6% for Q3 2025 and 19.8% for the first nine months[200] - The company expects to incur total charges in 2025 ranging between $500 million and $750 million primarily due to employee separations[99] Other Financial Metrics - The company adjusted free cash flow for Q3 2025 was $4.3 billion, an increase of $1.1 billion from the previous year[170] - The adjusted ROIC for the trailing four quarters was 11.4%, a decrease of 1.3 percentage points from the previous year[170] - The loss-to-receivables ratio for the third quarter 2025 was 62 basis points, up from 57 basis points a year ago, indicating increased loss severity and higher repossessions[192]

Group 1 - US automakers, particularly GM, are experiencing a surprising upward trend in stock performance, indicating potential investment opportunities [1] - There is a noted concern regarding expense margin pressure for GM, suggesting caution for new investors considering entry points [1] - Nike is anticipated to rebound towards its post-earnings high of $75, indicating a positive outlook for the company's stock [1] Group 2 - Yahoo is viewed positively, with previous endorsements on the show, suggesting a favorable sentiment towards the company [2]

Core Insights - Ford Motor Company reported quarterly earnings of $0.45 per share, exceeding the Zacks Consensus Estimate of $0.38 per share, but down from $0.49 per share a year ago, representing an earnings surprise of +18.42% [1] - The company achieved revenues of $47.19 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 10.61% and increasing from $43.07 billion year-over-year [2] - Ford's stock has increased by approximately 25.6% since the beginning of the year, outperforming the S&P 500's gain of 13.9% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.25 on revenues of $41.48 billion, and for the current fiscal year, it is $1.14 on revenues of $168.5 billion [7] - The estimate revisions trend for Ford Motor was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Automotive - Domestic industry is currently ranked in the bottom 40% of over 250 Zacks industries, suggesting that the outlook for the industry can significantly impact stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]