Ford Motor Co F-N on Tuesday posted a 20% jump in first-quarter revenue, as easing supply-chain disruptions allowed it to better meet strong demand for its pickup trucks and SUVs.
The automaker reaffirmed guidance for full-year adjusted earnings before interest and taxes of $9 billion to $11 billion and adjusted free cash flow of about $6 billion.
Shares were down 1% in after-hours trading.
Ford cautioned that “higher industrywide customer incentives as vehicle supply-and-demand rebalances” will be a “headwind” for profitability.
The company for the first time broke out financial results for its Ford Blue, Ford Pro and Ford Model e units. Ford Blue EBIT doubled to $2.56 billion, and Ford Pro EBIT nearly tripled to $1.4 billion.
Ford lost more than $60,000 per electric vehicle sold in the first quarter. Its combustion-vehicle business, Ford Blue, averaged pretax profit of $3,715 a vehicle, while the Ford Pro commercial business earned $4,053 per vehicle, based on the company’s financial data
Automakers have been able to scale up production and get vehicles to dealers on time after being pinned down by shortages of semiconductors and other parts in 2022.
Ford’s profit in the first quarter was $1.8 billion, or 44 cents per share, compared with a loss of $3.1 billion, or 78 cents per share, a year ago. Adjusted diluted earnings per share were 63 cents, compared with 38 cents a year ago.
The Dearborn, Michigan-based company reported revenue of $41.5 billion for the quarter through March, compared with $34.5 billion a year ago.