{"id":48791,"date":"2023-05-03T00:03:45","date_gmt":"2023-05-03T04:03:45","guid":{"rendered":"https:\/\/autosector.com\/?p=48791"},"modified":"2023-05-03T00:03:45","modified_gmt":"2023-05-03T04:03:45","slug":"ford-1q-profit-earnings-revenue","status":"publish","type":"post","link":"http:\/\/autosector.com\/?p=48791","title":{"rendered":"Ford posts $1.76B 1Q profit largely on gas-powered vehicles – Autoblog"},"content":{"rendered":"

DETROIT \u2014 Ford<\/a> Motor Co. made $1.76 billion last quarter, swinging into the black from a $3.1 billion net loss for the same period a year ago.<\/p>\n

(The first-quarter loss last year was due mainly to a drop in valuation of Ford’s investment in electric vehicle<\/a> startup Rivian<\/a>.)<\/p>\n

Excluding one-time items, Ford made 44 cents per share. That beat Wall Street estimates of 42 cents, according to FactSet.<\/p>\n

Revenue rose 20% to $41.74 billion, soundly beating the $39.25 billion that analysts expected.<\/p>\n

Ford reaffirmed its earlier pretax profit guidance for the full year of $9 billion to $11 billion.<\/p>\n

Ford lost $722 million before taxes on its electric vehicles, but it made $2.62 billion on internal combustion vehicles. The company’s commercial vehicle<\/a> unit added $1.37 billion to the pretax profits. 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<\/p>\n

The company’s profits were fueled largely by sales in the U.S., its most lucrative market. Ford sold just under 472,000 vehicles from January through March, up 9.9% from the previous year.<\/p>\n

The company continued to get strong prices for its vehicles during the quarter, driven by loaded out trucks<\/a> and big SUVs. Ford’s average sale price was $56,534, according to Edmunds.\u00a0<\/p>\n

Earlier Tuesday, Ford cut prices on its Mustang Mach E<\/a> electric SUV, the same day Tesla<\/a> raised prices slightly on the Model Y<\/a>, the Mach E’s main competitor. Ford also said it is reopening the order bank on Wednesday for the Mach E after upgrading a factory in Mexico to increase output. Automakers have been able to scale up production and get vehicles to dealers<\/a> on time after being pinned down by shortages of semiconductors and other parts in 2022.<\/p>\n

Shares were down 1% in after-hours trading.<\/p>\n

Ford cautioned that “higher industrywide customer incentives as vehicle supply-and-demand rebalances” will be a “headwind” for profitability.<\/p>\n

Includes Reuters<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

DETROIT \u2014 Ford Motor Co. made $1.76 billion last quarter, swinging into the black from a $3.1 billion net loss for the same period a year ago. (The first-quarter loss last year was due mainly to a drop in valuation of Ford’s investment in electric vehicle startup Rivian.) Excluding one-time items, Ford made 44 cents […]<\/p>\n","protected":false},"author":1,"featured_media":8313,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[3],"tags":[],"class_list":["post-48791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-design-concepts"],"_links":{"self":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/48791","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=48791"}],"version-history":[{"count":0,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/48791\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/media\/8313"}],"wp:attachment":[{"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48791"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48791"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48791"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}