Ford Motor Co. (NYSE:F) stock climbed after the company reported first-quarter results following Wednesday’s closing bell, beating analyst estimates on the top and bottom lines.
Here’s a look at the details inside the report.
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Ford Q1 Details
Ford reported quarterly earnings of 66 cents per share, which beat the Street estimate of 19 cents by 247.37%, according to Benzinga Pro data.
Quarterly revenue came in at $39.82 billion, which beat the consensus estimate of $38.91 billion and was up from $37.42 billion in the same period last year.
Ford reported the following first-quarter business segment metrics:
- Ford Pro generated $1.7 billion in EBIT on $14.7 billion in revenue. Ford Pro paid software subscriptions grew 30% year-over-year to 879,000.
- Ford Blue reported $1.9 billion in EBIT on $23.9 billion in revenue, led by the continued strength of F-Series, Bronco, and double-digit growth in Explorer and Expedition sales. Off-road performance trims now account for nearly a quarter of U.S. sales.
- Ford Model e reported a first-quarter EBIT loss of $777 million as the segment continues to optimize first-generation vehicles for profitability while preparing to launch affordable, highly scalable EVs on the new UEV platform and ramp Ford Energy.
- Ford Credit reported first-quarter earnings before taxes of $783 million, up $203 million compared to a year ago.
“Our strong first-quarter results and raised full-year guidance reflect the momentum of the Ford+ plan,” said Ford President and CEO Jim Farley.
“We built the foundation for a more modern, resilient Ford, improving cost and quality and building our world-class team. We are well-prepared to deliver for our customers and shareholders as we enter one of the most intensive product, software and physical services rollouts in our history,” Farley added.
F Stock Price: According to data from Benzinga Pro, Ford stock was up 2.12% to $12.50 in Wednesday’s extended trading.
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