Ford’s Q1 Bodes Well for Year
Posts solid profits, a far cry from a year earlier.
Trucks helped Ford post better-than-expected quarterly profits.
IMAGE: Ford
Ford posted first-quarter revenue and profits that exceeded Wall Street forecasts and reversed a year-over-year loss as it leveraged robust truck and SUV sales.
The Dearborn, Mich.-based automaker turned a $1.8 billion profit on a 20% year-over-year revenue gain to $41.5 billion.
The results balanced losses in electric vehicle sales as it scales the burgeoning unit that it aims to overtake its entire lineup in Europe by 2030.
Its profits were boosted by a product mix, higher net pricing and increased volume, Ford said in a press release on the quarter’s results. Its EV losses were offset by profits from gas-powered cars and fleet sales.
A year earlier, Ford lost $3.1 billion, which it attributed to a change in the value of its investment in electric truck startup Rivian.
Company CEO Jim Farley said in Ford’s earnings call that he hopes the brand will become “boringly predictable when it comes to execution and delivering financials but extremely ambitious in dynamically creating the Ford of the future.”
Ford stuck to full-year guidance of $9 billion to $11 billion in adjusted earnings and some $3 billion in losses in its EV unit.
Originally posted on Auto Dealer Today
More Showroom
Affordable, Safe Cars for Teen Drivers
Families looking to balance affordability and safety in vehicles for their teen drivers can look to the updated list of recommended vehicles by IIHS and Consumer Reports.
Read More →
Auto Dealers Feel Better But Not Great
A second-quarter Cox Automotive poll of franchised retailers and independents found better views of the current market after a good spring but anticipation of third-quarter storminess.
Read More →
Holman Opens Porsche Dealership in Miami
The North Miami store features the brand’s signature Destination Porsche design concept, combining contemporary architecture and technology to create what the auto group calls an ultra-luxury experience.
Read More →
Chicago to Gain Cadillac Rooftop in 2027
The two-story Cadillac dealership is being constructed at the former Lincoln Yards site, owned and operated by Canada-based Jack Carter Auto Group.
Read More →
Mid-Atlantic Ford Store Has New Owner
A growing Maryland automotive group is only the 93-year-old dealership’s third owner after its longtime proprietors retired.
Read More →
Porsche Dealership Breaks Ground in Illinois
Barrington Porsche will be the new location for Murgado Automotive Group’s existing Porsche dealership currently in the Motor Werks of Barrington auto mall.
Read More →
Michigan Auto Group Acquires Ohio Rooftops
Feldman Automotive Group added two new brands, Honda and Toyota, to its portfolio with its latest acquisition of four Fireside dealerships in Ohio.
Read More →
California VW Dealers Go After Scout
The franchisees’ state-level actions follow a California auto dealers trade group lawsuit against the VW affiliate last year, both efforts to stop the EV maker’s plan to sell direct to consumers.
Read More →
EVs Gain Traction in Europe
First-quarter auto sales increased as more consumers took advantage of government incentives. Hybrid deliveries are leading the way on the electrifieds boom.
Read More →
California Holds EV Lead Despite Annual Decline
At nearly 14%, California had the lowest zero-emission vehicle market share in the first quarter since the fourth quarter of 2021, according to the California New Car Dealers Association.
Read More →