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.
福特汽車公司（紐約證券交易所代碼：F）公佈的第一季度收入爲428億美元，每股收益爲0.49美元，超過市場普遍預期的0.42美元。
The following is the opinion of two analysts regarding Ford's first-quarter earnings.
以下是兩位分析師對福特第一季度收益的看法。
BofA Securities- Reiterates Buy, $21 price target
美銀證券——重申買入，目標股價爲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.
分析師約翰·墨菲表示，經營好轉是由Pro的強勁銷量增長和Model e的虧損減少所推動的，而Blue的部分抵消了庫存中的6萬架F150飛機。
Taxes acted as a headwind, coming in higher than expected, noted the analyst.
分析師指出，稅收構成了不利因素，高於預期。
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，對FCF和資本支出略有調整，而其他組成部分基本保持不變。
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.
福特計劃在2024年全行業的定價下降約2％，這將主要在下半年下降，分析師同意銷量走勢，但他指出，定價可能更具彈性。
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.
分析師觀察到，對Pro的需求仍然很高，新的Pro產品預計將於下半年在歐洲推出，由於轉換和發佈活動，這可能會影響第三季度的銷量。
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.
這位分析師指出，福特強調電動汽車是遵守環境法規的必要工具，儘管定價壓力很大，但對電氣化的投資仍將繼續。
Goldman Sachs – Reiterates Neutral, $14 price target
高盛——重申中性14美元的目標股價
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.
分析師馬克·德萊尼表示，收益報告顯示了福特Pro的實力和彈性，這推動了第一季度非公認會計准則息稅前利潤和每股收益的增長。
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.
該分析師將Pro的強勁表現部分歸因於Super Duty卡車產量和組合的提高以及軟件和服務業務的增長。
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.
這位分析師指出，Pro、混合動力車和福特的成本/產品努力將是積極的推動力，但他警告說，電動汽車業務的週期性風險和挑戰可能是不利因素。
The analyst raised the 2024 EPS estimate to $2.15 from $2.00, driven by the strength in Pro.
受專業股走強的推動，該分析師將2024年的每股收益預期從2.00美元上調至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.
儘管分析師預計福特的新電動汽車產品和成本重點將有助於Model e的長期盈利，但艱難的競爭環境可能會繼續給2024年和2025年Model e的利潤帶來壓力。
Price Action: F shares are trading lower by 2.15% at $12.76 at the last check Thursday.
價格走勢：在週四的最後一次支票中，F股下跌2.15％，至12.76美元。
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照片來自 Shutterstock