Ford jumps after big earnings beat

Ford shares jumped in the after-market after the automaker reported a big earnings beat, and upped its 2021 EBIT guidance for a 2nd time this year.

Video transcript

PRAS SUBRAMANIAN: Hey, Seana. Yeah, Ford shares a little flat here, but they had a big beat on the top and bottom lines here. The numbers right now for Q3 revenue, $35.7 billion, so that's beating estimates of 31.56. Adjusted EPS at $0.65 a share, that's easily beating expectations of $0.27 a share. Now both figures are a little bit lower than a year ago, but Ford is noting improvements in revenue, earnings and cash flow driven by, quote, "significant increases in semiconductor availability and wholesale vehicle shipments." They say that chip availability remains a challenge, but noting a market improvement from the second quarter.

Guidance for the rest of the year, they're increasing their full year 2021 EBIT, earnings before income taxes, $10.5 billion and $11.5 billion into that window. They also upgraded-- you know, they did that same thing last quarter, too, upping their EBIT guidance. So that's another positive quarter there for them.

One thing we did not hear, though, is more information on the Ford F-150 Lightning, whether that's still on track for its release next year, and also an update on preorders. This month, we had heard that they had 150,000 preorders for that F-150 Lightning. We have not had an update yet. Maybe we'll hear more from CFO John Lawler and CEO Jim Farley on the call later today, Seana.