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

  • 📰 ksatnews
  • ⏱ Reading Time:
  • 48 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 53%

United States News News

United States United States Latest News,United States United States Headlines

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 This material may not be published, broadcast, rewritten or redistributed without permission.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 442. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks Gain After Major Companies Beat Wall Street ExpectationsCoca-Cola, General Electric and 3M boosted their outlooks, aiding S&P 500
Source: WSJ - 🏆 98. / 63 Read more »

Business Highlights: UAW strike expands to GM plant in Texas; Big profits lift Wall StreetBusiness Highlights: A summary of the day’s top stories in the business world.
Source: AP - 🏆 728. / 51 Read more »

Wall Street Bets Broadcom May Extend Stock Election Deadline for VMware Holders in MergerThe companies plan to close on the transaction on Oct. 30. Investors appear to be betting that closing will be delayed.
Source: MarketWatch - 🏆 3. / 97 Read more »

Wall Street Rises on Strong Earnings, Lower OilWall Street ended higher Tuesday after Verizon, General Electric and other big companies reported fatter profits for the summer than expected.
Source: NEWSMAX - 🏆 16. / 71 Read more »