Ford Motor Company (NYSE:F) shares gained more than 6% in afterhours trade on Tuesday after its fourth quarter and full-year earnings came in higher than expected by analysts.
For the fourth quarter, Ford reported revenue of $46 billion, up 4% from $44 billion in the year-ago quarter and ahead of Wall Street estimates of $38 billion.
It also reported adjusted earnings per share (EPS) of $0.29 compared to estimates of $0.12.
For full-year 2023, adjusted EPS of $2.01 on revenue of $176.2 billion topped estimates of EPS of $1.86 on revenue of $161.3 billion.
For 2024, the carmaker expects adjusted earnings before interest and taxes (EBIT) of $10 billion to $12 billion and to generate $6 billion to $7 billion in adjusted cash flow. It is projecting capital expenditures in the range of $8 billion to $9.5 billion.
Analysts had been expecting Ford to guide EBIT between $9 billion and $11 billion.
“We’re the only company that gives customers such a wide range of choices – gas, hybrid and electric vehicles – made possible by our Ford+ plan and the talented team that’s carrying it out,” Ford CEO Jim Farley said in a press release accompanying the company's results.
“Ford is creating a product, software and services powerhouse with huge potential for this year and the long haul.”
Shares of Ford traded 6.5% higher at $12.88 aftermarket.