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Ford earnings fall short of estimates after it strikes a tentative deal with striking autoworkers

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Ford has reported significant growth in the third quarter, although its financial results fell short of Wall Street estimates.

FILE - A Ford dealership in Springfield, Pa., Tuesday, April 26, 2022. Ford reports earnings on Thursday, Oct. 26, 2023 – Ford on Thursday reported significant growth in the third quarter, although its financial results fell short of Wall Street estimates.

The automaker's net income swung to a $1.2 billion profit from a year-earlier loss of $827 million. Revenue increased by 11% compared to a year earlier, coming in at $43.8 billion. Ford's latest quarterly profit, adjusted for one-time items, amounted to 39 cents a share. That was below the 46 cents a share expected by industry analysts, according to FactSet.with the United Auto Workers union. The four-year labor deal, which still has to be approved by 57,000 union members at the company, could bring a close to the union’sThe Ford deal could set the pattern for agreements with the other two automakers, where workers will remain on strike.

Shares in Ford Motor Co., which is based in Dearborn, Michigan, were down almost 4% in after-hours trading following earnings report. Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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