On April 26, 2022, Ford CEO Jim Farley produced the electric F-150 Lightning at the company’s plant in Dearborn, Michigan.
CNBC | Mike Whelan
Detroit- Ford Fourth-quarter and 2023 earnings are due after the close on Tuesday.
Here’s what Wall Street is expecting for the fourth quarter, based on average analyst forecasts compiled by LSEG (formerly Refinitiv):
- Earnings per share: Adjusted 14 cents
- Car income: US$40.12 billion
These results meant that adjusted earnings per share fell 73.4% from the year-earlier period and automotive revenue fell 3.9%. Ford’s fourth-quarter 2022 results included $41.8 billion in vehicle revenue, $1.3 billion in net income and $2.6 billion in adjusted EBIT.
In addition to the earnings report, Wall Street will also be watching Ford’s 2024 guidance. Analysts expect this number to be flat or slightly lower compared to 2023.However, Ford’s cross-town rival General Motors Last week’s profit guidance beat expectations.
Analysts forecast Ford’s price guidance to be somewhere between $9 billion and $11 billion, according to investor notes from several analysts.
Ford in November forecast adjusted EBIT of $10 billion to $10.5 billion in 2023, about $1 billion below previous guidance based on contract negotiations with the United Auto Workers union.
Wall Street will also be watching to see if Ford takes any additional actions to offset increased labor costs from the new UAW contract. The contract is expected to cost $8.8 billion over the trading period ending in April 2028, the company said.
Ford expects to face headwinds this year, including lower vehicle prices, lower warranty costs and continued losses on all-electric vehicles. Highlights are expected to be its Ford Pro fleet division and its legacy Ford blue combustion engine business.
This is breaking news. Please check back for updates.
—CNBC Michael Bloom contributed to this report.
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