Ford Motor beats by $0.08, reports revs in-line; guides FY17 EPS above consensus (11.27)
- Reports Q2 (Jun) earnings of $0.51 per share, $0.08 better than the Capital IQ Consensus of $0.43; revenues fell 0.5% year/year to $36.93 bln vs the $37.22 bln Capital IQ Consensus.
- Co issues upside guidance for FY17, sees EPS of $1.65-1.85 vs. $1.51 Capital IQ Consensus Estimate.
- Lower adjusted pre-tax profit due to higher commodity cost, mainly steel, unfavorable exchange and non-repeat of last year's gain on the sale of majority stake in OEConnection LLC
- In the U.S.: Year-over-year average transaction prices rose nearly five times the industry average in the quarter and incentives declined as a percent of vehicle price, while the industry increased
- Automotive profits driven by North America, with Europe and Asia Pacific also profitable; outside North America, other regions were about breakeven in total; Ford Credit pre-tax profit was $619M, up 55 percent year over year
- Automotive operating cash flow was positive; continue to expect full-year shareholder distributions of about $2.7