每经AI快讯，10月24日，福特汽车延续涨势，涨幅扩大至10.5%。 ...

Core Insights - Ford reported third-quarter 2025 adjusted earnings per share of 45 cents, exceeding the Zacks Consensus Estimate of 38 cents but down from 49 cents in the same quarter last year. Consolidated revenues reached $50.5 billion, a 9.3% year-over-year increase. Total automotive revenues were $47.2 billion, surpassing the Zacks Consensus Estimate of $42.7 billion and up from $43 billion a year ago [1]. Segmental Performance - In the Ford Blue segment, total wholesale volume increased by 2% year over year to 733,000 units, exceeding expectations of 630,000 units. Revenues rose 7% year over year to $28 billion, surpassing the estimate of $23.5 billion. Earnings before interest and taxes (EBIT) were $1.54 billion, above the projection of $925.7 million, with an EBIT margin of 5.5%, down 0.7 percentage points from the same quarter in 2024 [3]. - The Ford Model e segment saw total wholesale volume rise 57% year over year to 50,000 units, though it fell short of the estimate of 57,000. Revenues jumped 52% year over year to $1.8 billion but missed the estimate of $2.6 billion. The segment reported a loss before interest and taxes of $1.4 billion, compared to an estimated loss of $1.58 billion [4]. - In the Ford Pro segment, total wholesale volume increased by 9% year over year to 373,000 units, below the expectation of 401,000. Revenues rose 11% year over year to $17.4 billion, slightly missing the expectation of $17.6 billion. EBIT was $1.98 billion, slightly below the projection of $2 billion, with an EBIT margin of 11.4% [5]. Financial Position - Ford reported adjusted free cash flow of $4.3 billion for the quarter, with cash and cash equivalents totaling $26.8 billion as of September 30, 2025. Long-term debt, excluding Ford Credit, amounted to $17.8 billion on the same date [7]. 2025 Outlook - Ford anticipates full-year 2025 adjusted EBIT in the range of $6-$6.5 billion, down from $10.2 billion in 2024 and the previous forecast of $6.5-$7.5 billion due to the impact of the Novelis plant fire. Adjusted free cash flow is expected to be between $2-$3 billion, down from prior guidance of $3.5-$4.5 billion and $6.7 billion recorded in 2024. Capital expenditures are projected to be around $9 billion [8].

Core Viewpoint - Ford Motor Company reported strong third-quarter earnings and sales that exceeded Wall Street expectations despite the impact of the Novelis incident [1] Financial Performance - Adjusted earnings per share for the third quarter were $0.45, surpassing the analyst average estimate of $0.36 [1] - Revenue reached a record $50.5 billion, higher than the analyst forecast of $43.7 billion, representing a year-over-year growth of 9.3% [1] - Net profit for the quarter was $2.4 billion [1] Guidance and Adjustments - The company revised its full-year adjusted EBIT forecast down to $6 billion to $6.5 billion, from a previous estimate of $6.5 billion to $7.5 billion [1] - Expected full-year adjusted free cash flow is projected to be between $2 billion and $3 billion [1] Impact of External Factors - CFO Sherry House indicated that the company had anticipated achieving over $8 billion in EBIT this year if not for the Novelis fire [1] - Ford now estimates that the tariffs introduced by the Trump administration will result in a financial loss of $1 billion, down from a previous estimate of $2 billion [1]

Core Viewpoint - Ford Motor Company (F.US) shares surged by 10% to $13.56 following the release of its Q3 earnings, which exceeded Wall Street expectations despite challenges from the Novelis incident [1][2]. Financial Performance - Adjusted earnings per share for Q3 were $0.45, surpassing the analyst average estimate of $0.36 [2]. - Revenue reached a record $50.5 billion, significantly higher than the expected $43.7 billion [2]. - Total revenue for Q3 increased by 9.3% year-over-year, with a net profit of $2.4 billion [2]. Guidance and Adjustments - The company revised its full-year adjusted EBIT forecast down to $6 billion to $6.5 billion, from a previous estimate of $6.5 billion to $7.5 billion [2]. - Ford anticipates adjusted free cash flow for the year to be between $2 billion and $3 billion [2]. Impact of External Factors - CFO Sherry House indicated that the company had initially expected to achieve over $8 billion in EBIT this year, but the Novelis fire impacted this outlook [2]. - The financial impact of tariffs introduced by the Trump administration is now estimated to be a $1 billion loss, reduced from a prior estimate of $2 billion [2].

格隆汇10月24日｜福特汽车(F.US)拉升涨超10%报13.6美元，股价创2024年7月以来新高。福特汽车发布 2025年第三季度财报显示，营收505亿美元，同比增长9.3%，创历史新高，净利润24亿美元；调整后每 股收益0.45美元。 福特汽车将全年调整后息税前利润预期下调至60亿美元至65亿美元，此前预计65亿美元至75亿美元。福 特汽车仍然预测全年资本支出大约90亿美元；福特预计全年调整后自由现金流20亿美元至30亿美元。 来源：格隆汇APP 福特中国更是实现了连续九个季度盈利，出口业务保持强劲增长势头。 ...

Core Viewpoint - Ford reported third-quarter results that exceeded expectations, but anticipates financial impacts from the Novelis aluminum plant fire affecting F-150 pickups and SUVs, although the plant is expected to reopen earlier than initially projected, leading to a positive stock reaction [1][4]. Financial Impact - The Novelis aluminum plant fire is projected to create a $1.5 billion to $2.0 billion adjusted EBIT headwind in 2025, affecting full-year cash flow, but Ford expects to mitigate at least $1 billion of this impact in 2026 [2]. - Ford adjusted its full-year guidance lower, now forecasting adjusted EBIT of $6 billion to $6.5 billion (down from $6.5 billion to $7.5 billion) and adjusted free cash flow of $2 billion to $3 billion (down from $3.5 billion to $4.5 billion) [3]. Production Adjustments - Ford plans to increase F-150 and F-Series Super Duty production by over 50,000 trucks in 2026 to meet demand and recover from production losses due to the Novelis fire, while pausing F-150 Lightning EV pickup production to prioritize gas and hybrid truck production [5]. - Ford's CFO indicated that the company would have raised its full-year guidance if not for the Novelis fire, with adjusted EBIT tracking at over $8 billion for the year [4]. Analyst Insights - Bank of America analyst Federico Merendi viewed Ford's updates positively, raising the price target to $14.50 from $13.50 and maintaining a Buy rating [5]. - Merendi also noted that Ford expects to recover approximately half of the EBIT lost in Q4 2025 in 2026, with potential benefits from a more favorable regulatory environment and lower warranty costs, projecting adjusted EBIT for 2026 in the range of $8.5 billion to $10.5 billion [6].

Ford's disciplined hybrid and affordable EV strategy improves profitability outlook amid slower EV adoption. ...

每经AI快讯，10月24日，福特汽车股价涨幅达7%，创2024年7月以来新高。 ...

Ford Motor Co. (NYSE: F) posted strong numbers for the third quarter. ...

Vladimir Dimitrov, CFA is a former strategy consultant within the field of brand and intangible assets valuation. During his career in the City of London he has been working with some of the largest global brands within the technology, telecom and banking sectors. He graduated from the London School of Economics and is interested in finding reasonably priced businesses with sustainable long-term competitive advantages.Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of t ...