Revenue and earnings per share from one of Detroit’s “Big Three” came in above consensus for the third quarter after the automobile company reported earnings after market close on Wednesday.

Ford Motor reported third-quarter revenue of $37.5 billion, beating estimates of $32.9 billion. Earnings per share were 65 cents, almost double the 34 cents reported in the prior year’s third quarter.

The company’s adjusted EBTIDA margin was 9.7%, which was nearly five points above last year’s 4.8% and came in above Ford’s long-term target of 8%.

The company reported a market share of 6% in North America, which was the same as last year. Market share rose in Europe and China, while falling in South America.

Ford Credit had its strongest quarter in 15 years.

New CEO Jim Farley took over on Oct. 1 and immediately put a plan in place to get rid of unprofitable vehicles. He wants Ford to focus on electric vehicles and existing strong brands.

“We know that there’s huge value to be unlocked as we turn around our automotive operations. There will be additional opportunity when we start growing again, which we will do with products and services customers can’t resist,” Farley said.

The company highlighted its upcoming fourth quarter, which includes three new “game changing vehicle launches.” A new Ford F-150 truck, an all-electric Mustang Mach E, and the Bronco Sport are expected in the fourth quarter.

In China, Ford delivered 22% more vehicles compared with last year’s third quarter. The company’s market share in China increased 0.1% to 2.4%, marking the third straight quarter of year-over-year market share gains in the country.

Ford expects full-year adjusted EBIT to be between a $500 million loss and breakeven.

The company ended the quarter with $30 billion in cash and $45 billion in liquidity after repaying a $15 billion credit it drew in the first quarter.

Shares of Ford were up 6% in after-hours trading to $8.18.

This story originally appeared on Benzinga. 

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

(Photo by OLIVIER DOULIERY/AFP via Getty Images)

, , , ,

Leave a Reply

Your email address will not be published. Required fields are marked *