=Ford Motor (F) reported earnings on Wed 24 July 2019 (a/h)

Ford Motor misses by $0.03, beats on revs; guides FY19 EPS below consensus 

Reports Q2 (Jun) earnings of $0.28 per share, $0.03 worse than the S&P Capital IQ Consensus of $0.31; revenues rose 0.4% year/year to $35.91 bln vs the $35.21 bln S&P Capital IQ Consensus.

Co issues downside guidance for FY19, sees EPS of $1.20 to $1.35 vs. $1.39 S&P Capital IQ Consensus.

• Co continues expecting CapEx around $7.7 bln and shareholder distributions of about $2.6 bln.
• Ford reported adjusted EPS of $0.28, but excluding a $181 million mark-to-market valuation adjustment loss from its Pivotal Software (PVTL) investment, adjusted EPS would have been $0.32 vs. the $0.31 consensus.
• Ford also guided for FY19 EPS of $1.20-1.35 vs. $1.39 consensus, including a $0.12-0.16 headwind from an expected 18-20% tax rate.
• Adjusted EBIT is expected to be between $7.0 and $7.5 billion, compared with $7.0 billion in 2018. The range presumes further strength in market factors and improved costs, particularly in North America, China and Europe; launch-related effects; and strength in Ford Credit.