Benzinga - Automotive giant Ford Motor Company (NYSE: F) reported first-quarter financial results after the market close on Tuesday. Here are the key highlights.
What Happened: Ford reported first-quarter revenue of $41.5 billion, up 20% year-over-year. The revenue total beat a Street estimate of $36.03 billion, according to data from Benzinga Pro.
The company reported earnings per share of 63 cents in the first quarter, beating a Street consensus estimate of 41 cents.
Wholesale units in the first quarter were 1.06 million, up 9% year-over-year. The company said Ford was America’s bestselling vehicle brand in the quarter.
The Ford Blue and Ford Pro business segments were both profitable in every region in which they operate during the first quarter.
Ford Blue posted first-quarter revenue of $25.1 billion.
The Ford Model e segment, which develops electric vehicles, saw shipments and revenue limited by “production interruptions of two highly popular vehicles” — the Mustang Mach-E and the F-150 Lightning pickup truck. Revenue was $700 million in the first quarter, down 27% year-over-year.
The company said it expects to increase manufacturing capabilities and plans on a global run rate of 600,000 electric vehicle units by the end of 2023 and over 2 million by the end of 2026.
Ford Pro saw revenue of $13.2 billion in the quarter, up 28% year-over-year.
“We’re bringing Ford+ to life by zeroing in on what distinct customers need and value the most,” CEO Jim Farley said.
“Ford Pro is leading the way on profitable growth, our big investments in iconic Ford Blue vehicles and derivatives are winning with customers and Ford Model e’s different approach to EVs is significantly reducing costs on our first high-volume products while rapidly developing breakthrough next-generation vehicles from the group up.
The company ended the first quarter with $29 billion in cash.
Related Link: Trading Strategies For Ford Stock After Q1 Earnings
What’s Next: Ford is maintaining its full-year guidance laid out in February, which includes full-year adjusted EBIT of $9 billion to $11 billion and adjusted free cash flow of around $6 billion.
The company sees EBIT contributions of $7 billion from Ford Blue, $6 billion from Ford Pro and a loss of $3 billion from Ford Model e.
The company will host an event on May 21 and May 22 to update analysts and investors on its Ford+ strategy and share additional financial targets by business segment.
Second-quarter financial results will be reported on July 27.
F Price Action: Ford shares are down 1% to $11.68 in after-hours trading.
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