From: AlleyCat <katt@gmail.com>
Newsgroups: alt.global-warming,alt.fan.rush-limbaugh,can.politics,alt.politics.liberalism,alt.politics.democrats,alt.politics.usa.republican
Subject: The Wave of The Future! - Except For...
Date: Tue, 29 Oct 2024 22:58:50 -0500
Organization: AlleyCat Computing, Inc.
Ford!
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h/t to Yak <yak@inbox.com>
Date: Tue, 29 Oct 2024 11:35:14 -0400
https://www.marketwatch.com/story/ford-sees-another-1-billion-ev-loss-and-stock-falls-4-d8eb0e07
That's $1.2 billion, gone.... IN ONE QUARTER! I'm sure the shareholders are ecstatic at this EV revolution that's being shoved down their
throats.
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Ford Motor Co. reported better-than-expected quarterly profit and sales, but the stock lost about 6% after hours Monday as investors
focused on a $1.2 billion loss for the car maker's EV business and a guidance tweak signaling lower profit for the year.
Ford
F
-8.93% cut its full-year adjusted earnings outlook to "about $10 billion," from a previous expectation of $10 billion to $12 billion.
"The market is always forward-looking, so shares are taking a hit in response to the weaker outlook," CFRA analyst Garrett Nelson said.
Chief Executive Jim Farley started the post-results call with Wall Street analysts by praising Ford's efforts to trim its costs and saying
the car maker will remain "laser focused" on trimming costs.
For EVs, there's no doubt there's an ongoing price war and overcapacity amid heated competition, Farley said: "We are focused on cost."
Progress on volume has been fully offset by prices, he said.
On the plus side, Ford reacted quickly to the EV slowdown and holds an advantage now, and also placed a bet on hybrids that has paid off,
he said. Farley went on to say that the company "radically simplified" its future sub-$30,000 EV.
Ford earned $900 million, or 22 cents a share, in the third quarter, compared with $1.2 billion, or 30 cents a share, in the year-ago
period.
Adjusted for one-time items, the company reported adjusted earnings of 49 cents a share. Revenue rose 5% to $46.2.
Analysts polled by FactSet expected Ford to report adjusted earnings of 46 cents a share on sales of $45.2 billion.
Ford's EV business lost $1.2 billion in the quarter, as year-over-year cost improvements of $500 million were dwarfed by "expected
industry-wide pricing pressure," the car maker said.
Become a more knowledgeable investor today 3 in 4 MarketWatch readers feel they know more about investing than their peers. Become a
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"We are remaking the company" into a higher-growth, higher-margin, more capital-efficient and more durable business, Ford Chief Financial
Officer John Lawler said in a statement.
"The work we have done over the past few years to restructure our global business ... is driving continued growth and generating stronger
and more consistent cash flow," Lawler said.
Ford ended the quarter with $5.5 billion in cash flow from operations, and an adjusted free cash flow of $3.2 billion.
At quarter's end, Ford had nearly $28 billion in cash and $46 billion in liquidity, "providing considerable flexibility in a dynamic
environment," the company said.
The company pre-announced its EV charge in August, which was part of a slew of changes aimed at making its EV business more profitable and
capital efficient, and growing the business as well.
Shares of Ford have lost around 7% this year, contrasting with an advance of 22% for the SandP 500 index
SPX - 0.06%
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October:
Heavy Spring Snowfall Hits New Zealand
Eastern Russia Buried
Early Snow Blankets Mauna Kea
Early Snow Continues In Russia
Early Snows Continue In Turkey
Middle East Chill
Volcanic Heat, Not Climate Change, Behind Antarctic Ice Loss
Cold Records Shattered Across Yukon And Alaska
Northern Japan Receives Early Season Snow
Methane Surge Not Man-Made
Valle Nevado Wraps Up Longest/Snowiest Season Ever
Chinese City Sees Earliest Snowfall Since 1951
Colorado Ski Resorts To Open Early
Early Season Snow Intensifies Across Asia
Biting Freeze Sweeps Canada
2024 Hurricane Season Is Officially A Dud
Vermont's Earliest Foot of Snow Since 2010
Early Snows In Spain
South Pole's 1000th Day Below -20c (-4f)
More Than 70% Of Russia Blanketed In Snow
Record Cold U.S., Early Snows Sweep The Peaks
New Study: "Recent Surge In Global Warming Not Detectable"
Early Snows Sweep Asia, Cold Records Tumble
Big Freeze Sweeps Iceland
Trøndelag Cold
Fall Arrives With A Bang In U.S.
New Zealand's Bumper Ski Season
Japan Weather Bureau Forecasts Epic Winter Snow
Eurasia Snow Cover On The March
Widespread October Snow For North America
More Polar Bears Spotted In Iceland
Cold Devastates Uk Growing Season-Second-Worst Harvest Ever
Russia To -28.1c (-18.6f)
Here Comes The Snow
Europe's Cold And Snowy October
Early Arctic Freeze Halts Shipping
The Deserts Are Greening
Lakes Are Refilling
Scotland Snow
Accumulations Keep Building In The Alps
Early Snow In China
Colder Winter Forecast For Mongolia
Met Office Warns Of 'Another Cold Night'
Weakest Polar Vortex For 40-Years And The Potential For A Brutal Winter
Frost And Snow Warnings In Canada
Cold Devastates UK Growing Season-Second-Worst Harvest Ever
Russia To -28.1C (-18.6F)
Early Arctic Freeze Halts Shipping - Bu bu but Al Gorrrre Said...
Early Season Snow In Ukraine
Another Colder Than Average Month In Antarctica