Comcast and Ford released their latest earnings reports before opening bell this morning. Ford reported adjusted earnings of 39 cents per share, compared to the consensus of 35 cents per share, on $39.15 billion in revenue, against the consensus of $34.7 billion. In last year’s first quarter, the automaker reported $37.7 billion in sales.
Comcast reported earnings of 53 cents per share on $20.5 billion in revenue, compared to the analyst estimates of 44 cents per share and $20.1 billion in revenue. In the year-ago quarter, the cable and internet service provider reported adjusted earnings of 43 cents per share, GAAP earnings of 42 cents per share and $18.8 billion in revenue.
Ford’s profits fall
Ford’s GAAP earnings fell to 40 cents per share from 61 cents per share in last year’s first quarter as warranty expenses, investments in new products and rising costs for commodities weighed on profits. Average U.S. transaction prices rose $1,971 year over year, compared to the industry average of $506, with the F-150, Super Duty and Lincoln driving the strong increase. North America drove Ford’s automotive results, although Europe and the Asia Pacific region also posted profits.
For this year, the automaker continues to expect adjusted pretax profits of around $9 billion. Ford expects about $3 billion in cost efficiencies to offset expenses outside investments in new opportunities. The automaker also warned that the March quarter’s results will be impacted by recall-related costs of about $295 million in North America. Ford also said sales in China were weakening.
Shares of Ford rose by as much as 1.9% to $11.82 in premarket trades this morning.
Comcast shares rise
Shares of Comcast jumped by as much as 2.11% to $39.61 in premarket trades this morning.
