Ford Motor Co. on Tuesday posted first-quarter net income of $1.8 billion (all figures in USD), up from a $3.1 billion loss a year earlier, and reaffirmed its full-year guidance as the company bounces back from global supply chain shortages.
Ford posted first-quarter revenue of $41.5 billion, up 20 per cent from the same period of 2022. That was driven by a 9 per cent increase in vehicle shipments, as well as a more favorable sales mix and higher net pricing.
Its adjusted earnings before interest and taxes rose 45 per cent to $3.4 billion. A majority of that — $2.6 billion — came from Ford Blue, the company's gasoline-powered business.
Ford made $1.36 billion on its commercial business, Ford Pro, and lost $722 million on its electric vehicle business, Model e.
Company officials have said they expect losses from the EV business to increase nearly 50 per cent to $3 billion this year, while it expects Ford Blue to make about $7 billion and Ford Pro to produce about $6 billion in earnings.
Ford on Tuesday said it continues to target $9 billion to $11 billion in adjusted EBIT on the full year and about $6 billion in adjusted free cash flow.