Automotive giant Ford Motor Company F reported fourth-quarter financial results after the market close Tuesday.
Here are the key highlights.
What Happened: Ford reported fourth-quarter revenue of $46 billion, which was up 4% year-over-year. The revenue total beat a Street consensus estimate of $39.53 billion, according to Benzinga Pro data.
The company reported earnings per share of 29 cents, which beat a Street consensus estimate of 13 cents per share.
Ford posted the following segment sales for the fourth quarter, with changes reported on a year-over-year basis:
Ford Blue: $26.2 billion, flat
Ford Model e: $1.6 billion, +2%
Ford Pro: $15.4 billion, +11%
Electric vehicles continue to be a focus in Dearborn.
“EVs are here to stay, customer adoption is growing, and their long-term upside is central to Ford+,” Ford Chief Financial Officer John Lawler said.
The company said its next generation electric vehicles will “surprise customers” and become profitable within a year of launching.
The Ford Model e segment’s wholesale and revenue were both up by double digits year-over-year for the full fiscal year. The segment posted a full-year EBIT loss of $4.7 billion.
Ford ended the fourth quarter with around $29 billion in cash. The company announced a first-quarter dividend of 15 cents per share and a supplemental dividend of 18 cents per share. Both dividends are payable on March 1 to shareholders of record on Feb. 16.
Related Link: Ford Q4 Earnings Preview: Earnings Estimates, Analysts Concerns, Electric Vehicles, UAW Strike Impact In Focus
What’s Next: Ford is guiding for full-year adjusted EBIT to be in range of $10 billion to $12 billion for the next fiscal year.
Free cash flow is expected to be in a range of $6 billion to $7 billion.
Capital expenditures for the next full fiscal year are guided in a range of $8 billion to $9.5 billion.
The company sees the Model e segment posting an EBIT loss of $5 billion to $5.5 billion in the next fiscal year.
“We’re the only company that gives customers such a wide range of choices – gas, hybrid and electric vehicles – made possible by our Ford+ plan and the talented team that’s carrying it out,” Ford CEO Jim Farley said.
“Ford is creating a product, software and services powerhouse with huge potential for this year and the long haul.
F Price Action: Ford shares are up 7% to $12.89 in after-hours trading versus a 52-week trading range of $9.63 to $15.42.
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Image and article originally from www.benzinga.com. Read the original article here.