Ford guides to low end of 2024 earnings forecast as it slightly tops Wall Street's third-quarter expectations

Carmaker cites a number of headwinds it faces, including supply-chain issues and rising commodity costs

Ford Motor Co. on Thursday guided to the low end of its 2024 earnings forecast as it slightly topped Wall Street's third-quarter expectations. The carmaker cited a number of headwinds it faces, including supply-chain issues and rising commodity costs. "We are facing a number of challenges, but we are confident that we can navigate them and deliver on our long-term goals," Ford CEO Jim Farley said in a statement. Ford's stock fell about 2% in premarket trading. The company reported third-quarter earnings of $1.4 billion, or 35 cents per share, up from $1.1 billion, or 27 cents per share, a year earlier. Revenue rose to $37.4 billion from $35.7 billion. Analysts polled by Refinitiv expected Ford to report earnings of 33 cents per share on revenue of $36.66 billion. Ford's automotive revenue rose to $34.4 billion from $33.3 billion. The company's automotive operating margin improved to 7.4% from 5.9%. Ford's financial services revenue rose to $3 billion from $2.4 billion. The company's financial services operating margin improved to 26.8% from 24.7%. Ford said it expects to report full-year 2023 adjusted earnings before interest and taxes of between $11.5 billion and $12.5 billion. The company had previously forecast adjusted EBIT of between $11.5 billion and $13.5 billion. Ford also said it expects to report full-year 2024 adjusted EBIT of between $9 billion and $11 billion. The company had previously forecast adjusted EBIT of between $9 billion and $12 billion. "We are taking a number of actions to address the challenges we face, including increasing production, reducing costs, and investing in new technologies," Farley said. "We are confident that we can emerge from this period of uncertainty even stronger."