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Ford Motor Q4 Results Beat Wall Street View

ford 04feb21

Ford Motor Co. (F) on Thursday reported an adjusted profit for the fourth quarter that trounced Wall Street analysts' estimates. The auto giant also increases its capital allocation for electric and autonomous driving to $29 billion.

Ford reported fourth-quarter loss of $2.8 billion or $0.70 per share, wider than last year's loss of $1.7 billion or $0.42 per share.

Excluding items, adjusted earnings for the quarter were $0.34 per share, up from $0.12 per share. On average, 15 analysts polled by Thomson Reuters expected the company to report a loss of $0.07 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter dropped 9% to $36.0 billion from $39.7 billion in the same period last year. Analysts expected revenue of $33.89 billion for the quarter.

The auto giant also announced plans to boost spending in electric and autonomous driving to $29 billion through 2025.

"The transformation of Ford is happening and so is our leadership of the EV revolution and development of autonomous driving," said Ford President and CEO Jim Farley. "We're now allocating a combined $29 billion in capital and tremendous talent to these two areas, and bringing customers high-volume, connected electric SUVs, commercial vans and pickup trucks."

Looking forward, Ford said the company was on course to earn $8 billion to $9 billion in adjusted EBIT -including a $900 million noncash gain on its investment in Rivian.

F closed Thursday's trading at $11.37, up $0.17 or 1.52%, on the Nasdaq. The stock further gained $0.33 or 2.90% in the after-hours trade.

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