Why Is Ford Motor (F) Up 6.6% Since Last Earnings Report?

Core Viewpoint - Ford Motor Company reported its third-quarter 2024 earnings, showing a mixed performance across its segments, with overall revenues increasing but some segments underperforming expectations [2][3][4][5]. Financial Performance - Adjusted EPS for Q3 2024 was 49 cents, matching estimates and up from 39 cents year-over-year [2]. - Consolidated revenues reached $46.2 billion, a 5.4% increase year-over-year, with total automotive revenues at approximately $43.07 billion, exceeding the consensus estimate of $41.2 billion [2]. - Adjusted free cash flow for the quarter was $3.2 billion, with cash and cash equivalents totaling $23.4 billion as of September 30, 2024 [7]. Segmental Performance - Ford Blue segment's wholesale volume decreased by 2% to 721,000 units, with revenues increasing by 3% to $26.2 billion, surpassing estimates [3]. - Ford Model e segment's wholesale volume fell 11% to 32,000 units, with revenues declining 33% to $1.2 billion, missing estimates [4]. - Ford Pro segment's wholesale volume increased by 9% to 342,000 units, with revenues growing 13% to $15.7 billion, but still missing expectations [5]. - Ford Credit unit reported revenues of $3.12 billion, up 19% year-over-year, with pretax earnings of $544 million, a 52% increase [6]. Financial Position and Guidance - Long-term debt, excluding Ford Credit, was $19.07 billion at the end of Q3 2024 [7]. - For full-year 2024, Ford expects EBIT of around $10 billion, with adjusted free cash flow projected between $7.5 billion and $8.5 billion [8]. Market Sentiment and Estimates - Estimates for Ford have trended downward, with a consensus estimate shift of -16.76% [9][10]. - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating expectations of below-average returns in the coming months [12]. Industry Comparison - Ford competes in the Zacks Automotive - Domestic industry, where General Motors reported revenues of $48.76 billion for the last quarter, reflecting a year-over-year increase of 10.5% [13]. - General Motors is expected to post earnings of $1.75 per share for the current quarter, indicating a change of +41.1% from the previous year, with a Zacks Rank 2 (Buy) [14].