Proactive Investors - Ford Motor Company (NYSE:F) surpassed expectations in its first-quarter earnings report released after the bell on Wednesday, with a focus on its commercial unit offsetting losses in the electric vehicle (EV) segment.
The automaker's revenue stood at $42.8 billion, surpassing analysts' estimates of $40.04 billion, marking a 3% increase from the previous year.
Adjusted earnings per share came in at $0.63, exceeding expectations of $0.42.
While Ford did not revise its full-year profit guidance, it raised its full-year adjusted free-cash flow target and tightened its capital expenditures guidance.
The company's adjusted EBIT (earnings before interest and taxes) for the quarter reached $2.8 billion, compared to estimates of $2.54 billion, showcasing a stronger performance than the previous quarter, which was marred by the United Auto Workers strike.
Ford's strategy included dividing its business into three units: Ford Blue for traditional gas-powered autos, Model e for EVs, and Ford Pro for commercial and super duty truck business.
Notably, Ford Blue reported revenue of $21.8 billion with an EBIT of $905 million, while Ford Pro recorded revenue of $18 billion and an EBIT of $3.01 billion.
During the quarter, Ford prioritized gas and hybrid vehicle production over EVs, with plans to delay EV production at various facilities, including the BlueOval City EV campus in Tennessee and the Oakville, Ontario plant.
The company also announced an expansion of production for its Bronco SUV and midsize ranger pickup to meet rising demand.
Shares of Ford jumped 2.2% aftermarket following the earnings release.