Ford (F) reported first-quarter results after the bell that beat expectations on Wednesday, with a changing product game plan at the center along with a focus on gas and mixture Possesty. Ford also boosted some guidance metrics, but did not raise its full-year profit outlook.
For the quarter, Ford reported revenue of $42.8 billion, beating estimates of $40.04 billion and up 3% from a year ago. Ford posted adjusted earnings per share of $0.63, topping forecasts of $0.42, with adjusted EBIT (earnings before interest and taxes) coming in at $2.8 billion, compared to an estimate of $2.54 billion. Ford’s results were better than in the fourth quarter as the company was dealing with the lingering effects of Auto workers united (UAW) beat.
Ford said full-year adjusted EBIT is “tracking to the high end of $10 billion to $12 billion,” although it raised its adjusted FCF target to $6.5 billion to $7.5 billion , with CAPEX guidance tightened at $8 billion to $9 billion. Previously expected adjusted EBIT of $10 billion to $12 billion, adjusted free cash flow of $6 billion to $7 billion and capital expenditures of $8 billion to $9.5 billion.
Ford shares edged higher in after-hours trading, rising more than 3%. Ford’s results came later GM reported positive first-quarter results and increase annual profit prospects.
“Customers want cars they are passionate about, performance options, ever-better quality and great value,” Ford President and CEO Jim Farley said in a statement. “With Ford+, we’re increasingly giving them everything others can’t and creating a company that can lead the way for the long term.”
Last year Ford divided its business into three units: Ford Blue, which makes conventional gasoline-powered cars; Ford Model e, for the EV division; and Ford Pro, for commercial and super-duty purposes truck business. Here’s the breakdown for Q1:
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Ford Blue: revenue 21.8 billion USD, EBIT 905 million USD
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Model e: revenue $100 million, EBIT loss $1.32 billion
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Ford Pro: revenue of 18.0 billion USD, EBIT of 3.01 billion USD
In the first quarter, Ford pushed harder into the gas and gas sectors hybrid car, with electric vehicle spending and production taking a backseat. Earlier this month, Ford said it was pushing back electric vehicle production at its massive BlueOval City EV campus in Tennessee to 2026 from its original start date of 2025. Ford also revealed that it was “lowering space” unveiling upcoming electric vehicle models at its factory in Oakville, Ontario, where it plans to produce the next generation three-row electric vehicle and most likely a full-size SUV. The company is aiming to launch these cars in 2027, pushing back the original 2025 timeline.
Ford also said earlier in the quarter that it would add a third shift to promote its production Bronco Midsize SUV and Ranger pickup trucks meet customer needs. Meanwhile, Ford is focusing on its hybrid products, like Maverick pickup truck and completely new F-150 with hybrid powertrain.
This was reflected in Ford First quarter delivery in the US increased 6.8% to 508,083 vehicles, thanks to strong sales of electrified products such as hybrid vehicles. Ford Maverick hybrid pickup truck saw its best quarter ever, with sales up 77% in the first quarter. Maverick also drove overall hybrid vehicle sales up 42% to 38,421, with Ford claiming it was also its best quarter for hybrids and that momentum will continue.
Even Ford’s electric vehicle products – Mustang Mach-E, the Ford Lightning EV and its commercial E-Transit van — have bucked the recent trend of softening demand. Ford’s overall electric vehicle portfolio saw an 82% jump to 20,223 electric vehicles sold in Q1, with the Mustang Mach-E growing 77.3% to 9,589 units sold and Lightning downloads saw sales increase 80.4% to 7,743 units. While sales here are strong, Ford relies on steep discounts, cheap financing rates and rental transactions to move inventory.
One notable point for Ford, however, is its class-leading F-150 sales. Although the F-Series (which includes the F-150 and heavy aircraft F-250 And F-350 supply) still retains its crown as America’s best-selling trucks, sales decreased 10.2% in the quarter to 152,943 units. Ford went through it slow acceleration of the all-new F-150, which went on sale in March.
Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and more Instagram.
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