Ford Motor Co. (F) has reported a first-quarter profit of $1.8 billion U.S. as global sales of its vehicles increase following supply chain issues experienced during most of 2022.
The latest profit compares to a net loss of $3.1 billion U.S. in the year-earlier quarter.
The Detroit automaker reported Q1 earnings per share (EPS) of $0.63 U.S. versus $0.41 U.S. that was expected on Wall Street, according to Refinitiv data.
Revenue at the company during Q1 totaled $39.09 billion U.S. compared to $36.08 billion U.S. that was expected among analysts who cover the company.
Looking ahead, Ford maintained its previous full-year earnings guidance, saying it expects between $9 billion U.S. and $11 billion U.S. in earnings and about $6 billion U.S. in free cash flow for all of 2023.
Ford also reconfirmed that it anticipates losing about $3 billion U.S. from its electric vehicle operations this year.
This was the first quarter in which Ford broke out its electric vehicle numbers separately, saying that it lost $722 million U.S. on its EV unit during the quarter ended on March 31.
However, those losses were offset by Ford’s traditional car business, which earned $2.6 billion U.S. during Q1.
Ford’s stock has declined 19% in the last 12 months to trade at $11.80 U.S. per share.
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