Ford Motor reports EPS in-line, beats on revs
- Reports Q4 (Dec) earnings of $0.39 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.39; revenues rose 6.9% year/year to $38.5 bln vs the $36.96 bln Capital IQ Consensus.
- Revenue growth driven by wholesale volume
- Automotive operating margin of 3.7% -2 ppts
- Adjusted EBT of $1.7 bln vs. -0.4 bln in 4Q17
- Attributed to higher commodity costs and adverse exchange.
- Aluminum costs have been moving steadily higher.
- Ford is more exposed to aluminum than other automotive manufacturers, as it is used extensively in the production of the F-150
- Ford Credit EBT of $610 mln (+53% y/y)
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