Ford second quarter beats expectations thanks to F-Series sales
Ford has also upgraded its earnings forecasts for the full year.
Company
NYSE:F
Ford Motor Company is an automobile company. The company designs, manufactures, markets and services a full line of electrified passenger and commercial vehicles, such as Ford trucks, utility vehicles, vans and cars and Lincoln luxury vehicles. Ford Motor Company's segments include Ford Blue, Ford Model e, Ford Pro, Ford Next and Ford Credit.
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Ford has also upgraded its earnings forecasts for the full year.
It compounds a bad week for Tesla, which has been hit by disappointing second quarter deliveries and an increase in competition
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Ford is cutting 10% of its workforce following calls from shareholders to reinvigorate its declining share price.
Ford's decision to cut jobs may draw criticism from US President Donald Trump who has made improving the US labour market a priority
The company is reportedly looking to try and boost profits, which have taken a knock over the past year or so
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The automaker saw its net income fall by 35% to US$1.6bn, with adjusted pre-tax profit coming in at US$2.2bn and earnings per share of US$0.39, above expectations of US$0.35
Used Model Ss take, on average, 87 days to sell, with similar luxury cars taking more than 90
Bob Shanks, Ford’s executive vice president and CFO said earnings per share guidance for the first quarter of 2017 is in the range of US $0.30 to US$0.35
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Prime Minister Theresa May said she would hold talks with Ford to ensure the success of the carmarker's South Wales plant continues after Brexit
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Ford reported a net loss of US $783mln, or 20 cents per share for the three months to December 31, impacted by a US $3bn non-cash accounting provision.
US stocks chalked up fresh record closing highs on Tuesday, reminiscent of the Trump-inspired rallies seen in late 2016
US shares ended higher on Wednesday, as energy investors shrugged off a jump in US oil stocks, and markets took a sanguine view of President-elect Donald Trump’s first speech since he won the November election