Ford 2Q 2017 earnings and Boeing 2Q 2017 earnings were released before opening bell this morning. Ford reported adjusted earnings of 56 cents per share on $39.85 billion in revenue, compared to the consensus estimates of 43 cents per share and $37.3 billion. In last year’s second quarter, the automaker reported $39.5 billion in sales and 52 cents per share in adjusted profits.
Boeing reported non-GAAP earnings of $2.55 per share on $22.7 billion in revenue, while analysts had been looking for $2.30 per share in adjusted earnings on $23.03 billion in sales. The defense contractor reported $24.8 billion in revenue and non-GAAP losses of 44 cents per share in last year’s second quarter.
Ford 2Q 2017 earnings
Ford 2Q 2017 earnings rose to 51 cents per share from 49 cents in last year’s second quarter. Automotive revenue rose to $37.1 billion from $36.9 billion last year. U.S. average transaction prices rose by almost five times the industry average year over year while incentives as a percent of vehicle price declined, even though they increased across the broader auto industry.
Ford said sales of its F-Series trucks jumped 7% year over year, the best second quarter performance since 2001 with average transaction prices of $45,400 per truck, an increase of $3,100 last year. The company sold 29,000 Lincolns, the best performance in 10 years. The automaker also said that higher commodity costs, especially for steel, impacted its adjusted profits.
The company’s management expects full-year adjusted earnings of $1.65 to $1.85 per share, which is much better than the consensus at $1.51 per share. After Ford 2Q 2017 earnings were released, the automaker’s stock slumped in premarket trades, falling by as much as 1.6% to $11.09.
Boeing 2Q 2017 earnings
On a GAAP basis, Boeing 2Q 2017 earnings amounted to $2.89 per share, versus the loss of 37 cents per share it reported in the year-ago quarter. The company delivered 226 commercial and defense aircraft and services during the quarter. Military aircraft revenue fell 3% year over year to $2.9 billion, which was in line with consensus. Commercial airplane sales tumbled 10% to $15.7 billion, which missed the consensus of $15.9 billion. Boeing’s backlog increased to $482 billion, which included $27 billion worth of net orders during the second quarter.
Boeing also boosted its full-year adjusted earnings guidance to a range of $9.80 to $10 per share from the previous outlook of $9.20 to $9.40 per share. However, the company affirmed its full-year sales guidance of $90.5 billion to $92.5 billion.
After Boeing 2Q 2017 earnings were released, the defense contractor’s stock rose by as much as 3.3% to $219.47 in premarket trading.