04:45 PM EDT, 10/28/2024 (MT Newswires) -- Ford Motor ( F ) late Monday reported third-quarter results that topped market estimates, though its electric vehicle business grappled with pricing pressures and falling volumes.

Adjusted earnings rose to $0.49 a share for the three-month period ended Sept. 30 from $0.39 the year before. The consensus on Capital IQ was for normalized EPS of $0.47. Revenue, excluding the company's Ford Credit financial services arm, advanced to $43.07 billion from $41.18 billion, higher than Wall Street's $42.32 billion view.

The automaker's overall revenue rose 5% year-over-year to $46.2 billion.

Sales tumbled 33% in the company's EV segment amid industry-wide pricing pressures while market dynamics drove volume 11% lower, according to an earnings slide deck. Sales rose 13% and 3% in the Ford Pro and Ford Blue divisions, respectively.

Ford expects consolidated adjusted earnings before interest and tax of $10 billion for 2024, at the lower end of the prior $10 billion to $12 billion guidance range. It maintained its adjusted free cash flow outlook of $7.5 billion to $8.5 billion.

Shares were down 5.1% in after-hours trade.

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