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Ford earnings and sales fall — but not as much as feared

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Like most automakers, Ford's earnings took a hit from the supply chain problems and computer chip shortage. But its third-quarter results were much better than Wall Street expected. Ford also raised its outlook for future earnings and restored its dividend

The company posted adjusted earnings of $2 billion, down 22% from a year earlier and less than the adjusted earnings from Tesla, which despite its soaring stock value has only a fraction of the sales of any major automaker.Ford's automotive revenue of $33.2 billion fell 4% from a year ago ). But both the revenue and earnings were much better than analysts surveyed by Refinitiv had expected. They had been forecasting Ford would earn less than $1 billion on automotive revenue of $32.5 billion.

Supply chain problems have hit the auto industry hard for months, limiting production by causing temporary plant closings. Overall, US car sales were down about 13% in the quarter, according to Cox Automotive. Read MoreFord's results were similar to what was reported at rival General Motors earlier in the day — earnings and revenue fell from a year earlier but were better than forecast.Ford raised its full-year operating earnings guidance to between $10.5 billion to $11.

 

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