Ford Rides On The Strength Of Pro, Says Analyst
Ford Rides On The Strength Of Pro, Says Analyst
Ford Motor Co (NYSE:F) reported first-quarter revenue of $42.8 billion, with EPS of $0.49, beating the consensus estimate of $0.42.
福特汽车公司（纽约证券交易所代码：F）公布的第一季度收入为428亿美元，每股收益为0.49美元，超过市场普遍预期的0.42美元。
The following is the opinion of two analysts regarding Ford's first-quarter earnings.
以下是两位分析师对福特第一季度收益的看法。
BofA Securities- Reiterates Buy, $21 price target
美银证券——重申买入，目标股价为21美元
Analyst John Murphy said the operating beat was driven by strong volume growth in Pro and lower losses in Model e, while Blue partially worked as an offset due to the timing of 60K F150s held in inventory.
分析师约翰·墨菲表示，经营好转是由Pro的强劲销量增长和Model e的亏损减少所推动的，而Blue的部分抵消了库存中的6万架F150飞机。
Taxes acted as a headwind, coming in higher than expected, noted the analyst.
分析师指出，税收构成了不利因素，高于预期。
Ford updated its 2024 outlook, with slight adjustments to FCF and Capex, while other components were largely unchanged.
福特更新了其2024年的展望，对FCF和资本支出略有调整，而其他组成部分基本保持不变。
Ford is planning for 2024 industry-wide pricing to be down roughly 2%, which should play out mostly in 2H, and the analyst agrees with the trajectory of volumes, but notes pricing may be more resilient.
福特计划在2024年全行业的定价下降约2％，这将主要在下半年下降，分析师同意销量走势，但他指出，定价可能更具弹性。
Demand for Pro remains high, and new Pro products are expected to launch in 2H in Europe, which may impact volumes in the third quarter due to changeovers and launch activity, the analyst observed.
分析师观察到，对Pro的需求仍然很高，新的Pro产品预计将于下半年在欧洲推出，由于转换和发布活动，这可能会影响第三季度的销量。
The analyst noted Ford is highlighting that EVs are a necessary tool to comply with environmental regulations, and investments in electrification will go forward despite significant pricing pressure.
这位分析师指出，福特强调电动汽车是遵守环境法规的必要工具，尽管定价压力很大，但对电气化的投资仍将继续。
Goldman Sachs – Reiterates Neutral, $14 price target
高盛——重申中性14美元的目标股价
Analyst Mark Delaney said the earnings report demonstrated the strength and resiliency of Ford Pro, which drove the first-quarter non-GAAP EBIT and EPS beat.
分析师马克·德莱尼表示，收益报告显示了福特Pro的实力和弹性，这推动了第一季度非公认会计准则息税前利润和每股收益的增长。
The analyst attributed the strength in Pro in part to the higher production and mix of Super Duty trucks as well as the growing software and services business.
该分析师将Pro的强劲表现部分归因于Super Duty卡车产量和组合的提高以及软件和服务业务的增长。
The analyst noted Pro, hybrids, and Ford's cost/product efforts will be positive drivers but warned that cyclical risks and challenges in the EV business could be headwinds.
这位分析师指出，Pro、混合动力车和福特的成本/产品努力将是积极的推动力，但他警告说，电动汽车业务的周期性风险和挑战可能是不利因素。
The analyst raised the 2024 EPS estimate to $2.15 from $2.00, driven by the strength in Pro.
受专业股走强的推动，该分析师将2024年的每股收益预期从2.00美元上调至2.15美元。
Though the analyst expects Ford's new EV products and cost focus to help Model e profits longer-term, the difficult competitive environment could continue to pressure Model e profits in 2024 and 2025.
尽管分析师预计福特的新电动汽车产品和成本重点将有助于Model e的长期盈利，但艰难的竞争环境可能会继续给2024年和2025年Model e的利润带来压力。
Price Action: F shares are trading lower by 2.15% at $12.76 at the last check Thursday.
价格走势：在周四的最后一次支票中，F股下跌2.15％，至12.76美元。
Photo via Shutterstock
照片来自 Shutterstock