Auto giant Ford Motor Company (NYSE: F) on Thursday reported lower earnings for the third quarter of 2021, hurt by a 5% decrease in revenues. The numbers, however, came in above the market’s projection.
Revenues decreased 5% annually to $35.7 billion in the third quarter but topped expectations. The company reported earnings of $0.51 per share, on an adjusted basis, down from last year’s $0.65 per share. The market had predicted a bigger decline.
On a reported basis, it was a net profit of $1.83 billion or $0.45 per share, compared to $2.39 billion or $0.60 per share in the third quarter of fiscal 2020.
Ford’s stock has been rising steadily after slipping to the single-digit territory early last year. It made strong gains on Wednesday evening, after closing the regular session lower.
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