Ford Falls On Market Share Declines, United Parcel Service’s U.S. Deliveries Rise

Ford Falls On Market Share Declines, United Parcel Service’s U.S. Deliveries Rise
<a href="">EME</a> / Pixabay

Ford and United Parcel Service released their latest earnings reports before opening bell this morning. Ford posted adjusted earnings of 26 cents per share on $35.9 billion in revenue. Analysts had been expecting earnings of 24 cents per share on $33.15 billion in sales.

UPS reported $1.44 per share in earnings on $14.9 billion in revenue, against the consensus estimates of $1.44 per share and $14.7 billion.

Ford’s market share falls in several regions

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Ford’s net income declined by $1.2 billion to $1 billion, while its reported earnings per share fell 31 cents to 24 cents per share. The automaker’s global market share fell one-tenth of a percentage point year over year to 7.5%.

North America pretax profits were $1.3 billion as wholesale volume declined 11% and revenue fell 8% year over year. South America wholesale volumes fell 13%, while revenue declined 15% on the back of a lower industry and market share and currency headwinds. Pretax profits in Europe reached $138 million for the best third quarter since 2007. The Middle East and Africa segment saw a share decline due to an unfavorable market mix as wholesale volume declined and revenue fell to $798 million. Pretax profits in the Asia Pacific region rose to $131 million for a record third quarter.

Shares of Ford slumped by as much as 1.09% to $11.75 in premarket trades.

UPS sees domestic deliveries rise in Q3

UPS said U.S. deliveries per day rose 5.7% as e-commerce drove the increase. Deferred air shipments rose 10% as next-day air grew 5.9%. Daily expert shipments increased 7.1% with double-digit gains in Asia.

U.S. domestic revenue grew 4.8% to $9.3 billion, while international package revenue rose 2.2% to $3 billion. Supply chain and freight revenue grew 8.1% to $2.6 billion, mostly due to the acquisition of Coyote Logistics part of the way through the third quarter. UPS warned that market conditions in international air freight and the U.S. truckload brokerage industries is still soft.

UPS still expects full-year adjusted earnings to be between $5.70 and $5.90 per share.

Shares of UPS were inactive in premarket trading following this morning’s results.

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