Ford Q3 Profit Declines, But Beats Street View; Lifts FY21 Adj. EBIT Outlook

(RTTNews) - Ford Motor Co. (F) on Wednesday posted third-quarter net income of $1.82 billion or $0.45 per share, lower than $2.39 billion or $0.60 per share in the same period last year.

The company's adjusted EBIT came in at $2.99 billion, down from $3.64 billion a year ago. Adjusted earnings per share also declined to $0.51 from $0.65 last year. On average, 17 analysts polled by Thomson Reuters expected the company to post earnings of $0.27 per share in the quarter. Analysts' estimates, usually, exclude one-time items.

Quarterly revenues declined 5 percent to $35.7 billion from $37.5 billion in the prior-year period. Analysts expected revenues of $32.5 billion for the three-month period.

Looking ahead, the company raised its outlook for full-year 2021 adjusted EBIT to between $10.5 billion and $11.5 billion from the earlier $9 billion to $10 billion range.

The company also said that its Board of Directors voted to reinstate the regular quarterly dividend from the fourth quarter.