Ford Q4 2023 results arrive above estimates – the stock is rising
7 February 2024Ford Motor Company (NYSE: F) released the latest financial results for Q4 of last year after the market closed on Tuesday.
World’s 11th largest automaker did not disappoint investors and topped both revenue and earnings per share estimates (EPS).
The company achieved revenue of $46 billion in the last 3 months of 2023 vs. $43.062 billion expected, up by 4.5% year-over-year.
EPS was reported at $0.29, beating Wall Street estimate by 140.22% at $0.121 per share.
Company overview
- Founded: 1903
- Headquarters: Ford World Headquarters, Dearborn, Michigan, United States
- Number of employees: 173,000 (2022)
- Industry: Automotive
- Key people: William Clay Ford Jr. (Executive Chairman), Jim Farley (President & CEO)
CEO commentary
”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,” Jim Farley, CEO of Ford highlighted what separates the company from the competition.
”Ford is creating a product, software and services powerhouse with huge potential for this year and the long haul,” Farley concluded his statement to investors.
Stock reaction
Shares were up by 4.14% at market close on Tuesday, trading at $12.07. The stock rose in the after-hours by around 6% as investors digested the results.
Stock performance
- 5 day: +2.46%
- 1 month: +1.94%
- 3 months: +18.68%
- Year-to-date: -0.98%
- 1 year: -10.26%
Ford stock price targets
- UBS Group: $12
- BNP Paribas: $12
- HSBC: $11.30
- Barclays: $14
- Morgan Stanley: $15
- Royal Bank of Canada: $12
- Daiwa Capital Markets: $13
- Jefferies Financial Group: $15
- JP Morgan Chase & Co.: $16
- The Goldman Sachs Group: 14
- Citigroup: $17
- Wells Fargo & Company: $11
- Benchmark: $20
Ford Motor Company is the 367th largest company in the world with a market cap of $48.31 billion, according to CompaniesMarketCap.
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Sources: Ford Motor Company, TradingView, MarketWatch, MarketBeat, CompaniesMarketCap
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