The Dearborn, MI-based company reported Q3 EPS of $0.26, $0.06 better than Wall Street expectations of $0.20. Revenue fell 6.9% from last year to $33.33 billion, missing estimates of $33.4 billion.
Automotive segment operating cash flow was negative $2.0 billion in the latest period, from plus $4.8 billion last year. Automotive pre-tax profit fell to $1.1 billion from $2.8 billion, on operating margins of just 3.3%.
Looking ahead, Ford continues to expect total company adjusted pre-tax profit to be about $10.2 billion for the full year 2016.
Mark Fields, President & CEO, commented via press release:
“This quarter, we delivered key elements of our growth plan by fortifying our core business with the launch of the all-new Super Duty pickup, transforming Lincoln with the new Continental and investing in emerging opportunities with the acquisition of the Chariot crowd-sourced shuttle service. Importantly, we remain on track to deliver one of our best profit years ever.”
CFO Bob Shanks added:
“We continue to have a strong balance sheet, with cash and liquidity levels above our targets. We also were pleased to provide shareholders with distributions of $600 million during the quarter, bringing our year-to-date distributions to $2.9 billion.”
Ford shares fell $0.13 (-1.09%) to $11.75 in premarket trading Thursday. Prior to today’s report, F had fallen 15.68% year-to-date.