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Ford offers weak outlook, stock falls

But at least it was better than last quarter.

10/28/24 4:13PM

Ford topped Wall Street’s expectations for third-quarter sales and earnings per share, but offered a tepid full-year outlook for operating earnings of $10 billion, at the bottom of the range it provided last quarter. The stock is reacting more to the milquetoast guidance than the quarterly result, falling in after-hours trading.

Profits fell 25% to $0.9 billion, pulled down by a previously announced $1 billion charge on the value of EV manufacturing assets. Revenues were up 5% from the third quarter last year, to $46 billion.

At least the Q3 numbers were better than last quarter, when the company badly missed expectations, largely due to costly fixes on old models as well as safety recalls.

That report crushed the stock, which fell roughly 30% in the week or so following the numbers. Ford continues to lag both the market and rival General Motors badly in 2024.

The cautious reaction to Monday’s earnings results suggests the market is still a bit gun-shy in light of its recent underperformance.

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eBay stock slumps on gloomy Q4 outlook despite solid Q3 earnings

Shares of eBay fell as much as 10.5% in premarket trading on Thursday morning after the company gave a lower-than-expected profit forecast for the important holiday shopping season.

The e-commerce giant reported solid numbers for the third quarter on Wednesday, with revenue up 9% as reported to $2.8 billion and gross merchandise volume rising 10% to $20.1 billion, topping the average analyst forecast of $19.4 billion, per Bloomberg.

However, concerns about the future somewhat overshadowed these results.

eBay outlined its profit outlook for the period ending in December to $1.31 to $1.36 a share, with revenue at $2.83 billion to $2.89 billion. According to Bloomberg-compiled data, this broadly matches Wall Street’s estimates for the top line, but misses on the bottom line, with analysts forecasting EPS to come in at $1.39 — suggesting the company expects some further margin pressure.

The company has been facing macroeconomic challenges since the US ended the de minimis tariff exemption in late August, with the online marketplace reliant on shipments. One small silver lining? CFO Peggy Alford highlighted a “less durable trend” on a post-earnings call: that as commodity prices for precious metals boomed, demand for bullion and collectible coins on eBay spiked.