Benzinga - by Chris Katje, Benzinga Staff Writer.
Ford Motor Company (NYSE:F) reported first-quarter financial results after the market close Wednesday.
Here are the key highlights.
What Happened: Ford reported first-quarter revenue of $42.8 billion, which was up 1.3% year-over-year. The revenue total beat a Street consensus estimate of $40.1 billion, according to data from Benzinga Pro.
The company reported earnings per share of 49 cents in the first quarter, which beat a Street estimate of 42 cents per share.
Revenue by segment for the first quarter was:
Ford Blue: $21.8 billion, -13% year-over-year
Ford Model e: $0.1 billion, -84% year-over-year
Ford Pro: $18.0 billion, +36% year-over-year
Wholesale units by segment were as follows:
Ford Blue: 626,000, -11% year-over-year
Ford Model e: 10,000, -20% year-over-year
Ford Pro: 409,000, +21% year-over-year
The company's Ford Pro unit saw strong growth led by high demand for Super Duty work trucks, Transit vans and software, the company said. The EBIT of the segment was up more than double.
The Model e division, which houses electric vehicles, was affected by industrywide pricing pressure on EVs and posted an EBIT loss of $1.3 billion in the first quarter. Ford said it expects the Model e unit’s costs to improve going forward, but for the segment to face top-line pressure on sales.
"Customers want vehicles that they're passionate about, choices in how they're powered, quality that's constantly getting better and great value," Ford CEO Jim Farley said.
"With Ford+, we're increasingly giving them all those things in ways that others don't and creating a company that will lead for the long haul."
Related Link: Ford Enjoys Bullish Momentum, Faces Buying Pressure Ahead Of Q1 Earnings
What's Next: Ford is guiding for full-year adjusted earnings before interest and taxes to come in a range of $10 billion to $12 billion, unchanged from its previously announced guidance. The company said EBIT are tracking toward the higher end.
Ford’s guidance calls for adjusted free cash flow of between $6.5 billion and $7.5 billion for the full fiscal year, up from a previously announced range of $6 billion to $7 billion.
The company sees capital expenditures coming in a range of $8 billion to $9 billion for the full year, slightly improved from a prior range of $8 billion to $9.5 billion.
F Price Action: Ford shares are up 2.93% to $13.33 in after-hours trading Wednesday versus a 52-week trading range of $9.63 to $15.42.
Read Next: Ford’s Mustang Gallops Into 60th Year: Still A Pony With Plenty Of Kick
Photo courtesy of Ford.
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