Ford Motor Co. said Wednesday it made $1.3 billion in net income in the first quarter of 2024, a 28% decrease year-over-year.
That profit, the automaker said, came on $42.8 billion in revenue, which was up 3.1%. Analysts, Yahoo Finance had been reporting, were projecting the Dearborn automaker to land around $37.63 billion in revenue and 40 cents for earnings per share.
Ford’s shares in post-market trading were up 2% to $13.31 per share, the Detroit News reported.
“Customers want vehicles that they’re passionate about, choices in how they’re powered, quality that’s constantly getting better and great value,“ CEO Jim Farley said in a statement. “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.”
For the January-through-March quarter, Ford posted adjusted operating earnings of $2.8 billion, down 18% year-over-year, from January through March.
Ford’s U.S. sales were up nearly 7% in the first quarter, though F-Series trucks were down 10%. The automaker now has a full lineup of the refreshed F-150 full-size trucks, including the Lightning all-electric model, and the new midsize Ranger being shipped, the News reported.
The loss posted by Ford Model e, the business unit dedicated to electric vehicles, was $1.32 billion compared to $722 million a year ago. Lightning shipments were held up starting in early February over an undisclosed quality issue.
Ford maintained its guidance for full-year adjusted operating income of $10 billion to $12 billion. The company increased adjusted free cash flow upward: $6.5 billion to $7.5 billion from the initial outlook of $6 billion to $7 billion. Additionally, Ford anticipates capital expenditures for the year of $8 billion to $9 billion, narrowing the $8 billion-to-$9.5 billion original estimation.
The company also remains on track to cut $2 billion in areas like materials, freight and manufacturing, according to the News’ report.
