Ford and Sirius XM released their latest earnings reports before opening bell this morning. Ford smashed earnings estimates, coming in at 68 cents per share, excluding items, versus consensus at 48 cents. Revenue also beat the consensus, coming in at $37.7 billion compared to the consensus at $35.6 billion. In last year’s first quarter, the automaker posted earnings of 29 cents per share.
Sirius XM posted earnings of 3 cents per share on $1.2 billion in revenue, with both numbers being in line with consensus. In last year’s first quarter, the satellite radio provider posted earnings of 2 cents per share on $1.1 billion in revenue.
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Ford sold 1.7 million wholesale vehicles during the first quarter. North America sales were $23.9 billion with record pretax profits of $3.1 billion and an operating margin of 12.9%. The automaker continued to struggle in South America, however, as management blamed the recession in Brazil for the weak results there. Sales amounted to $800 million with losses of $256 million and an operating margin of -30.4%.
In Europe, sales were $6.9 billion with pretax profits of $434 million and an operating margin of 6.3%. Ford’s sales in the Middle East and Africa amounted to $900 million with losses of $14 million and an operating margin of -1.5%. In the Asia Pacific region, sales were $2.7 million with $220 million in pretax profits and an operating margin of 8.2%.
Ford shares climbed 1.72% to $13.90 in premarket trading after this morning’s report.
Sirius XM stock surges after results
Sirius XM’s adjusted EBITDA increased 11% to $441 million. The company added 465,000 net new subscribers during the quarter, marking an 8% year over year increase. Sirius now has more than 30 million subscribers.
Sirius XM management also raised their guidance for this year. They expect to add 1.6 million net new subscribers, compared to their previous outlook of 1.4 million. They continue to expect about $4.9 billion in revenue, $1.78 billion in adjusted EBITDA, about 1.4 million self-pay subscriber adds and about $1.4 billion in free cash flow.
Shares of Sirius XM climbed 3.02% to $4.10 in premarket trades this morning.