Ford Motor Company (NYSE: F) reported higher profit for the fourth quarter, contrary to expectations for a loss, despite the automaker’s sales declining due to the virus-related disruption. The stock made modest gains after the announcement on Thursday evening.
Reflecting the faltering demand, revenues decreased 9% annually to $36 billion in the fourth quarter but topped expectations. The company reported earnings of $0.34 per share, on an adjusted basis, up from last year’s $0.12 per share. The market had predicted a loss.
On a reported basis, it was a net loss of $2.8 million or $0.70 per share, compared to a loss of $1.7 billion or $0.42 per share in the fourth quarter of fiscal 2019.
Read management/analysts’ comments on Ford’s Q4 report
Ford’s stock recovered from the lows seen early last year and is currently trading above the pre-pandemic levels. It closed Thursday’s regular trading higher and continued to rise during the extended session.
