Ford Motor Co. (NYSE: F) reported third-quarter 2018 results after markets closed Wednesday afternoon. For the quarter, the automaker posted adjusted diluted earnings per share (EPS) of $0.29 on revenues of $37.7 billion. In the same period a year ago, the company reported EPS of $0.44 on revenues of $33.65 billion. Analysts were looking for EPS of $0.28 and revenues of $33.3 billion.
Ford Credit had a strong quarter with $2.998 billion in revenue, an increase of 7% year over year.
In terms of its regions, Ford reported:
- North America revenues increased 6.3% year over year to $22.3 billion.
- South America revenues decreased 15.4% to $1.3 billion.
- Europe revenues increased 6.8% to $7.4 billion.
- Middle East & Africa revenues decreased 6.8% to $0.6 billion.
- Asia Pacific revenues decreased 19.4% to $3.1 billion.
Jim Hackett, Ford President and CEO, commented:
This quarter shows that our business remains very strong in key areas. We continue to make progress on our efforts to redesign Ford to be far more competitively fit, disciplined in capital allocations and nimble enough to win in a fast changing world. With products like the Edge ST and Ranger launching in the United States and the Territory SUV in China, we are also building momentum shifting our product portfolio to build on our strengths and meet shifting consumer demand.
Shares of Ford closed Wednesday at $8.18, with a consensus analyst price target of $10.11 and a 52-week range of $8.17 to $13.48. Following the announcement, the stock was up 6% at $8.70 in the after-hours session.