Post Earnings Coverage as Ford Outperformed Top- and Bottom-Line Estimates
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LONDON, UK / ACCESSWIRE / May 8, 2017 / Active Wall St. announces its post-earnings coverage on Ford Motor Co. (NYSE: F). The Company reported its first quarter fiscal 2017 results on April 27, 2017. The No. 2 US auto maker reported a 4% increase in revenue and re-affirm pre-tax forecasts for FY17. Register with us now for your free membership at:
One of Ford Motor's competitors within the Auto Manufacturers - Major space, Blue Bird Corp. (NASDAQ: BLBD), is estimated to report earnings on May 22, 2017. AWS will be initiating a research report on Blue Bird in the coming days.
Today, AWS is promoting its earnings coverage on F; touching on BLBD. Get our free coverage by signing up to:
Ford's revenue for the quarter ended March 31, 2017 increased 4% to $39.15 billion compared to revenue of $37.72 billion in Q1 2016, driven by a favorable mix of pickup trucks and SUVs. The Company's revenue numbers surpassed analysts' consensus of $34.78 billion.
For Q1 2017, Ford generated Automotive revenues of $36.48 billion compared to revenue of $35.26 billion in Q1 2016. The Company's Wholesale volumes decreased 17,000 units to 1.7 million. Ford's adjusted pre-tax profit declined to $2.2 billion, down $1.6 billion compared to the year ago same period.
Ford reported net income of $1.59 billion, or $0.40 per diluted share, in Q1 2017, down from $2.45 billion, or $0.61 per diluted share, in Q1 2016. The Company's adjusted earnings per share were $0.39 for the reported quarter, exceeding Wall Street's expectations of $0.36 per share.
Segment Results
During Q1 2017, operating profits from Ford's North American operations were $2.0 billion, down 35% on a y-o-y basis. The segment's margins also tumbled to 8.3% in the reported quarter compared to margin of 12.9% in the year ago same period. Average transaction prices in the US were up to $1,971 y-o-y, nearly four times more than the industry average of $506, driven by F-150, Super Duty, and Lincoln.
In Europe, Ford generated revenues of $7.6 billion up 10% on a y-o-y basis. The region's Wholesale volumes increased 12.5% compared to the year ago corresponding period to 449,000 units. The region recorded pre-tax profit of $176 million in Q1 2017 compared with $434 million in Q1 2016 with exchange rate and Brexit headwinds offsetting higher sales volumes.
Ford's revenue from the Asia/Pacific region surged 18.5% to $3.2 billion. Wholesale volumes declined 3.8% to 383,000 units. The Company recorded a $124 million in operating profit compared to $220 million a year ago. For South America, Ford's revenues surged 21% to $1.1 billion. The region's Wholesale volumes were 70,000 units for the quarter. South America posted pre-tax loss of $244 million compared to profit of $12 million in Q1 2016.
Ford Credit reported a 6.4% decline in pre-tax profit to $481 million in Q1 2017.
Financial Position
As of March 31, 2017, Ford had cash and cash equivalents of $17.82 billion compared to $15.91 billion as on December 31, 2016. The Company generated operating cash flow of $4.34 billion in Q1 2017 compared to $4.15 billion in Q1 2016.
Guidance
For Fiscal 2017, Ford is projecting pre-tax profit of approximately $9 billion. The Company's is forecasting Ford Credit's profits in 2017 to be about $1.5 billion.
Stock Performance
At the close of trading session on Friday, May 05, 2017, Ford Motor's stock price rose 1.27% to end the day at $11.14. A total volume of 28.81 million shares were exchanged during the session. The Company's share price has gained 0.27% in the past one month. The Company's shares are trading at a PE ratio of 11.95 and have a dividend yield of 5.39%. The stock currently has a market cap of $44.64 billion.
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