Investing.com - Ford Motor (NYSE:F) reported on Wednesday third quarter earnings that beat analysts' forecasts and revenue that topped expectations.
Ford Motor announced earnings per share of $0.65 on revenue of $37.50B. Analysts polled by Investing.com anticipated EPS of $0.19 on revenue of $35.45B.
Ford Motor shares are down 17% from the beginning of the year, still down 19.44% from its 52 week high of $9.57 set on December 23.. They are under-performing the S&P 500 which is up 1.24% from the start of the year.
"The recent management shake-up and the fast-improving auto demand since the COVID-19 plunge are some of the factors which are making investors excited about Ford," said Investing.com analyst Haris Anwar. "If the new Chief Executive Officer Jim Farley is able to show that Ford’s cash-flow position is improving and its global turnaround is on the right path, we could see further gains in its share price after a recent rally."
Ford Motor shares gained 1.43% in after-hours trade following the report. It follows other major consumer cyclical sector earnings this month. Ford Motor's report follows an earnings beat by Tesla on October 21, who reported EPS of $0.76 on revenue of $8.77B, compared to forecasts EPS of $0.57 on revenue of $8,435M.
Sony ADR had beat expectations on Wednesday with second quarter EPS of $3.52 on revenue of $20.23B, compared to forecast for EPS of $0.96 on revenue of $18.47B.
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