Ford Motors Co. reported its 1QFY15 earnings of 23 cents per share on $31.8 billion of revenue.
Ford Motor reported its quarterly earnings for fiscal year 2015 on Tuesday April28. The company was not able to meet revenue and earnings expectation of analysts, as it was not able to sell many vehicles in North America because of the F-150 pickup truck roll out and continuously lost money in Europe and South America.
The world’s second-biggest automaker company reported earnings of $0.23 per share compared to previous year earnings of $0.25 per share. The company reported $31.8 billion in revenue less than $33.9 billion in the prior year quarter. This was Ford’s twenty-third profitable quarters in a row.
Ford President and CEO, Mark Fields said in a statement, “The first quarter was a good start to a year in which our results will grow progressively stronger as the new products we have been launching start to pay o. We are re-confirming that 2015 will be a breakthrough year for Ford as we continue accelerating our One Ford plan, delivering product excellence and driving innovation in every part of the business in a way that benefits all of our stakeholders.”
The company reported $924 million in net income equals to 23 cents per share, down $65 million or 1 cent compared to the similar quarter last year.
Wall Street has expected Ford Motors to post quarterly earnings of $0.26 per share on $33.9 billion of revenue, as per the consensus forecasts by Thomson Reuters.
However, the company upheld its whole year projection of pre-tax income in the range of $8.5 billion to $9.5 billion. Ford improved its projection to 8.5% to 9.5% for North American operating margin.
Earlier last week, the company announced that it will discharge around 700 workers from its Detroit production plants. The Michigan plant in Wayne, which manufactures compact hybrid and compact cars, will be cutting a whole shift. Ford said the step is due to decreasing demand for hybrid cars among weak gas prices.
Strengthening US dollar is wiping out the majority of companies revenue during the first 3 months if 2015. Last week, quarterly earnings were reported by General Motors, who failed to meet earnings estimate including a loss of $1.8 billion in revenue earned from international sales.
The share price of Ford went down by 1.07% to $15.73 during the pre-market session following the announcement of quarterly results.
The world’s second-biggest automaker company reported earnings of $0.23 per share compared to previous year earnings of $0.25 per share. The company reported $31.8 billion in revenue less than $33.9 billion in the prior year quarter. This was Ford’s twenty-third profitable quarters in a row.
Ford President and CEO, Mark Fields said in a statement, “The first quarter was a good start to a year in which our results will grow progressively stronger as the new products we have been launching start to pay o. We are re-confirming that 2015 will be a breakthrough year for Ford as we continue accelerating our One Ford plan, delivering product excellence and driving innovation in every part of the business in a way that benefits all of our stakeholders.”
The company reported $924 million in net income equals to 23 cents per share, down $65 million or 1 cent compared to the similar quarter last year.
Wall Street has expected Ford Motors to post quarterly earnings of $0.26 per share on $33.9 billion of revenue, as per the consensus forecasts by Thomson Reuters.
However, the company upheld its whole year projection of pre-tax income in the range of $8.5 billion to $9.5 billion. Ford improved its projection to 8.5% to 9.5% for North American operating margin.
Earlier last week, the company announced that it will discharge around 700 workers from its Detroit production plants. The Michigan plant in Wayne, which manufactures compact hybrid and compact cars, will be cutting a whole shift. Ford said the step is due to decreasing demand for hybrid cars among weak gas prices.
Strengthening US dollar is wiping out the majority of companies revenue during the first 3 months if 2015. Last week, quarterly earnings were reported by General Motors, who failed to meet earnings estimate including a loss of $1.8 billion in revenue earned from international sales.
The share price of Ford went down by 1.07% to $15.73 during the pre-market session following the announcement of quarterly results.
No comments:
Post a Comment