From CNBC: 2024-04-24 17:50:43

Ford beat Wall Street’s earnings estimates for the first quarter, driven by strong sales of trucks and commercial vehicles but offset by losses in electric vehicles. The company maintained its 2024 earnings guidance and adjusted free cash flow outlook, with net income at $1.33 billion and revenue up 3% to $42.78 billion.

Ford’s traditional business, Ford Blue, reported adjusted earnings down 66%, while Ford Pro commercial business earnings increased 120%. The company faced inflation in warranty costs but aimed to lower costs through additional quality checks. Ford’s EV business is expected to lose $5 billion to $5.5 billion in 2024.

CEO Jim Farley said the company avoided recalls by holding shipments to address quality issues, lowering warranty costs. Ford aims to take out $2 billion in costs this year through reductions in materials and manufacturing. Ford’s first-quarter earnings come after General Motors reported strong results and raised its full-year guidance.



Read more at CNBC: Ford (F) earnings Q1 2024