Investing.com - Ford Motor (NYSE:F) reported on Wednesday third quarter earnings that beat analysts' forecasts and revenue that fell short of expectations.
Ford Motor announced earnings per share of 51 cents on revenue of $35.68 billion. Analysts polled by Investing.com anticipated EPS of 26 cents on revenue of $37.66 billion.
Ford Motor shares are up 76% from the beginning of the year, still down 7.07% from its 52 week high of $16.70 set on October 21. They are outperforming the S&P Global 100 which is up 17.93% from the start of the year.
Ford Motor shares gained 5.35% in after-hours trade following the report.
Ford said it saw high demand for new products, including battery-electric vehicles and that revenue, net income, adjusted earnings, cash flow from operations, and adjusted free cash flow were all sharply higher from Q2 to Q3 2021 due to a significant increase in semiconductor availability and wholesale vehicle shipments from Q2.
"This is the most exciting Ford lineup I've seen, but what matters is that customers love our new products and services – and we're just getting started," said President and CEO Jim Farley. "The trajectory of our business gives us huge confidence in Ford+, and we're obsessively turning the plan's promise into reality."
Looking ahead, Ford increased guidance for the full-year adjusted EBIT to between $10.5 billion and $11.5 billion. The company also said it expects cash flow over the current planning period to be more than sufficient to fund its growth priorities.
Ford Motor's report follows an earnings beat by Tesla on October 20, who reported EPS of $1.86 on revenue of $13.76 billion, compared to forecasts EPS of $1.62 on revenue of $14 billion.
General Motors had beat expectations on Wednesday with third quarter EPS of $1.52 on revenue of $26.78 billion, compared to forecast for EPS of 86 cents on revenue of $30.92 bilion.
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