Market Mover | Ford Motor Slumps11% After Q2 Financial Results
Ford Motor's second quarter profit plummeted 26% below expectations, with after-hours trading falling nearly 12%, and full-year guidance not raised.
In the second quarter, Ford's revenue increased by more than 6%, and EPS profits decreased by 35% year-on-year, which is much lower than expected. The EBIT profit of commercial vehicles is more than twice that of fuel vehicles, while the increase in car warranty reserves has affected profits. The electric vehicle business lost more than $1 billion per quarter in the first half of the year, and Ford still expects the business to lose as much as $5.5 billion for the whole year. The full-year free cash flow guidance has been raised by $1 billion, but the full-year EBIT profit guidance has not been raised, disappointing investors.
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