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Ford Motor Co. (F - Analyst Report) announced the launch of MyEnergi Lifestyle technology in collaboration with Eaton Corporation plc (ETN - Analyst Report), SunPower Corporation (SPWR - Analyst Report) and Whirlpool Corp. (WHR - Analyst Report). This technology will help families reduce electricity consumption and carbon dioxide emission.
Infineon and Nest Labs have also partnered Ford for this program. This program will integrate home appliance technology with a plug-in vehicle, which will result in an energy-efficient, affordable, convenient and sustainable lifestyle and ensure energy consumption in a smarter and efficient manner.
Ford and its partners together with Georgia Institute of Technology calculated the electricity usage of a single family and estimated the amount of savings generated with the energy-efficient lifestyle. The results showed that MyEnergi Lifestyle technology will reduce energy costs by 60% and CO2 emission by 55%, which is about 9,000 kg from a single home.
The SunPower will be offering the most efficient solar power systems to the owners of Ford plug-in vehicle, which will maximize the emission-free power generation. Moreover, SunPower offers best warranty, which will ensure 25 years of clean power with significant annual savings on electricity bills of homeowners. The sharing of energy between the automobile and home appliance sectors calls for integration of the two sectors to deal with the rapidly changing economy.
Ford, the largest automobile producers in the world, posted a 17.6% rise in earnings per share to 40 cents in the third quarter of the year from 34 cents a year ago, driven by impressive results in its North American operation and, to some extent, its Asian operation.
With this, the company has also surpassed the Zacks Consensus Estimate by 10 cents per share. Total profit rose 15.6% to $1.6 billion from $1.4 billion a year ago.
However, total revenue in the quarter slid 3.0% to $32.1 billion due to lower revenues in South America, Europe and Financial Services operations that offset the marginal improvement in revenues in North America and Asia. However, revenues were higher than the Zacks Consensus Estimate of $31.0 billion for the quarter.
Ford, whose cross-town rivals include General Motors Company (GM - Analyst Report), maintains a short-term Zacks #3 Rank (Hold) and a long-term Neutral recommendation.