Ford Motor (F) Tops Q2 EPS by 13c

Ford Motor (NYSE: F) reported Q2 EPS of $0.56, $0.13 better than the analyst estimate of $0.43. Revenue for the quarter came in at $39.9 billion versus the consensus estimate of $37.1 billion.

• Second quarter net income was $2.0B, total company revenue was $39.9B; EPS was $0.51, all up year over year  Total Company adjusted pre-tax profit of $2.5B and lower tax rate drove adjusted EPS of $0.56, up $0.04 year over year
• Lower adjusted pre-tax profit due to higher commodity cost, mainly steel, unfavorable exchange and non-repeat of last year’s gain on the sale of majority stake in OEConnection LLC
• In the U.S.: Year-over-year average transaction prices rose nearly five times the industry average in the quarter and incentives declined as a percent of vehicle price, while the industry increased
• Automotive profits driven by North America, with Europe and Asia Pacific also profitable; outside North America, other regions were about breakeven in total; Ford Credit pre-tax profit was $619M, up 55 percent year over year
• Automotive operating cash flow was positive; continue to expect full-year shareholder distributions of about $2.7B
• 2017: Expect full year adjusted EPS of $1.65 to $1.85 with adjusted effective tax rate now expected to be about 15 percent (*** consensus is $1.51)

“This quarter shows the underlying health of our company with strong products like F-Series and commercial vehicles around the world, but we have opportunity to deliver even more," said Jim Hackett, President & CEO. "The entire team is focused on improving the fitness of the business and smartly deploying our capital to improve both the top and bottom lines in the quarters ahead,"

For earnings history and earnings-related data on Ford Motor (F) click here.

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