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Ford Motor Co F shares are rising Tuesday in sympathy with General Motors Co GM, which traded higher after the company reported better-than-expected financial results and raised its 2023 outlook.
- GM Q4 Revenue: $43.1 billion beat estimates of $40.65 billion
- GM Q4 EPS: $2.12 beat estimates of $1.69
GM highlighted strong demand for its products and improved supply chain conditions.
In a letter to shareholders, GM CEO Mary Barra said, “We expect that our momentum will help us deliver strong results once again in 2023.”
GM also expects 2023 to be a “breakout year” for its Ultium Platform. The company said it remains on track to produce 400,000 EVs in North America from 2022 through the first half of next year.
GM sees full-year 2023 adjusted earnings in a range of $6 to $7 per share versus estimates of $5.81 per share.
GM shares surged on the report. The stock was up nearly 7% at last check. GM and Ford are both Detroit-based automakers making a strong push into electric vehicles.
Everything You Need To Know: What’s Driving General Motors Stock Higher? Barra Says Automaker Poised For ‘Breakout Year’
Ford is set to report its fourth-quarter results after the market close on Thursday. The automaker is expected to report earnings of 62 cents per share on quarterly revenue of $40.69 billion.
F Price Action: Ford has a 52-week high of $21.05 and a 52-week low of $10.61.
The stock was up 3.57% at $13.35 at the time of writing, according to Benzinga Pro.
Photo: courtesy of Ford.
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Image and article originally from www.benzinga.com. Read the original article here.