Ford (F) is set to announce its first-quarter earnings and revenue after the markets close on Wednesday, following in the footsteps of other auto giants like General Motors (GM) and Tesla (TSLA) who recently announced their quarterly results. Wall Street is expecting Ford earnings per share to decrease by 32% to 43 cents in Q1, with revenue expected to grow by over 3% to $42.93 billion.
Earlier this month, Ford reported a 6.8% growth in U.S. sales in Q1, with an 82% increase in overall EV sales, including hybrids. The company had reaffirmed its guidance for annual core profit of $10 billion to $12 billion and stressed the importance of hybrids as EVs slow down. This comes after announcing a shift in investments from EVs to hybrid vehicles. Investors and analysts will be closely watching for losses from its EV efforts in the first quarter.
Ford stock saw a slight increase of 0.3% to $12.97 on Wednesday, following a 0.5% rise on Tuesday in response to GM’s strong results and guidance. Prior to earnings, Ford shares had gained 6.7% for the week, but remained below an official 13.95 buy point from a cup-with-handle base, according to MarketSurge.
General Motors also provided an update on its 2024 guidance, with an expected full-year earnings of $9
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