On July 29, Ford rose 4.81% overnight, trading at $15.68/share. The move was driven by the company's Q2 earnings report, which exceeded market expectations on multiple metrics, accompanied by a meaningful upward revision to full-year guidance.
Ford reported Q2 adjusted EPS of $0.42, beating the analyst consensus estimate of $0.35-$0.36 by approximately 20%. Revenue came in at $48.3 billion, above the FactSet estimate of $47.24 billion. The company raised its full-year adjusted EBIT guidance to $10.0-$11.0 billion from a prior range of $8.5-$10.5 billion. Q2 adjusted EBIT margin improved to 5.2%, up 90 basis points year-over-year, while adjusted free cash flow reached $2.1 billion. The company reported a GAAP net loss of $1.3 billion, attributable to a $3.6 billion one-time charge from the BlueOval SK battery JV disposal and $500 million in EV project cancellation costs. First-half adjusted EBIT surged 90% to $6.0 billion. Additionally, Jefferies recently upgraded Ford to Buy with a $17.50 price target, implying further upside.
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