Ford posts $1.76B 1Q revenue largely on gas-powered automobiles

DETROIT — Ford Motor Co. made $1.76 billion final quarter, swinging into the black from a $3.1 billion web loss for a similar interval a 12 months in the past.

(The primary-quarter loss final 12 months was due primarily to a drop in valuation of Ford’s funding in electrical car startup Rivian.)

Excluding one-time gadgets, Ford made 44 cents per share. That beat Wall Avenue estimates of 42 cents, in keeping with FactSet.

Income rose 20% to $41.74 billion, soundly beating the $39.25 billion that analysts anticipated.

Ford reaffirmed its earlier pretax revenue steerage for the total 12 months of $9 billion to $11 billion.

Ford misplaced $722 million earlier than taxes on its electrical automobiles, nevertheless it made $2.62 billion on inside combustion automobiles. The corporate’s industrial car unit added $1.37 billion to the pretax earnings. Ford misplaced greater than $60,000 per electrical car offered within the first quarter. Its combustion-vehicle enterprise, Ford Blue, averaged pretax revenue of $3,715 a car, whereas the Ford Professional industrial enterprise earned $4,053 per car, based mostly on the corporate’s monetary knowledge

The corporate’s earnings have been fueled largely by gross sales within the U.S., its most profitable market. Ford offered slightly below 472,000 automobiles from January by March, up 9.9% from the earlier 12 months.

The corporate continued to get robust costs for its automobiles through the quarter, pushed by loaded out vans and massive SUVs. Ford’s common sale worth was $56,534, in keeping with Edmunds. 

Earlier Tuesday, Ford minimize costs on its Mustang Mach E electrical SUV, the identical day Tesla raised costs barely on the Mannequin Y, the Mach E’s foremost competitor. Ford additionally stated it’s reopening the order financial institution on Wednesday for the Mach E after upgrading a manufacturing unit in Mexico to extend output. Automakers have been in a position to scale up manufacturing and get automobiles to sellers on time after being pinned down by shortages of semiconductors and different components in 2022.

Shares have been down 1% in after-hours buying and selling.

Ford cautioned that “increased industrywide buyer incentives as car supply-and-demand rebalances” will likely be a “headwind” for profitability.

Contains Reuters