Ford reported a third-quarter profit of $2.05 billion on revenue of $49.5 billion, despite facing significant losses in its electric vehicle division. The 'Model e' unit recorded a $1.1 billion EBIT loss as revenue fell 31% due to softer demand and rising commodity costs. Consequently, the company expects total annual losses for its EV segment to reach $4 billion. However, Ford raised its full-year adjusted EBIT guidance to a range of $10.5 billion to $11 billion.
The increase came as third-quarter revenue fell 2% year over year, while adjusted earnings and cash flow improved and losses in the electric-vehicle business narrowed.
Read the full storyThe company said sales were nearly flat excluding the Escape and Corsair models slated for discontinuation, as it prepares to report financial results on October 28.
Adjusted earnings per share beat analyst estimates, while revenue and net income declined from a year earlier and projected commodity costs rose.