Ford and Pfizer released their latest earnings reports before opening bell this morning. Pfizer reported earnings of 60 cents per share on $12.1 billion in revenue, a 2% year over year decline. Analysts had been expecting earnings of 51 cents per share on $11.56 billion for the third quarter.
Ford reported earnings of 45 cents per share, excluding items, which was slightly behind the consensus of 46 cents per share, on $38.1 billion in revenue, which was ahead of the consensus estimate of $35.44 billion.
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Pfizer sees strong growth in Vaccines
Pfizer’ reported earnings were 34 cents per share, compared to last year’s 42 cents.
The drug maker’s Innovative Products segment recorded a strong growth rate of 13% in revenue, including a 43% increase in the Global Vaccines business and a 43% increase in its Global Oncology business. Pfizer’s Established Products business saw a 16% decline in revenues on the back of a 22% decline in its Global Established Pharmaceutical segment.
Pfizer also increase the midpoint of its revenue guidance for this year by $1 billion and its adjusted earnings guidance by 11 cents. The new revenue guide is a range of $46.5 billion to $48.5 billion, while the new adjusted earnings guide is between $2.16 and $2.20 per share. Management also upped their guidance for reported earnings from the previous range of $1.29 to $1.38 per share to a range of $1.37 to $1.43 per share.
Shares of Pfizer rose as much as 2.4% to $34.99 per share after this morning’s earnings release.
Ford shares fall
Ford’s net income was 48 cents per share as it recorded its best quarterly automotive profit in North America ever. Total automotive profit rose $1.5 billion year over year to $2.2 billion. The automaker said it has ramped the F-150 pickup truck to full production, resulting in increases in wholesale volume and revenue.
Ford said its global market share edged upward by three-tenths of a percentage point to 7.6%. The automaker’s share of the North American, South American, and European car markets rose year over year.
Management reaffirmed their guidance for pretax profits of between $8.5 billion and $9.5 billion, excluding items.
Shares of Ford fell by as much as 3.06% to $15.21 per share in premarket trading this morning.