Automotive giant Ford Motor Co (NYSE:F) reported first-quarter financial results after market close Wednesday. Here are the key highlights for investors.
What Happened: Ford reported first-quarter revenue of $34.5 billion, down 5% year-over-year. The revenue total came in ahead of a Street estimate of $31.24 billion, according to Benzinga Pro.
Ford reported earnings per share of 38 cents in the first quarter, beating a Street estimate of 37 cents per share.
The company’s vehicle lineup saw strong demand in the first quarter, with several models cited as sales drivers. The company reported 966,000 wholesale units in the first quarter, down 9% year-over-year.
“The appeal of these products — Bronco, Bronco Sport, Maverick, Mustang Mach-E, E-Transit and now the F-150 Lightning — is undeniable,” Ford CEO Jim Farley said.
A global shortage of semiconductors led to lower production and shipments in the first quarter, especially in January and February, Ford said.
Ford’s market share was 4.8% globally, 12% in North America and 2.2% in China in the first quarter.
The company said the valuation of an investment of Rivian Automotive (NASDAQ:RIVN) impacted its net income in the quarter. The company’s stake in Rivian was valued at $5.1 billion as of March 31, down from $10.6 billion at the end of fiscal 2021.
Related Link: How Ford Motor Stock Looks Heading Into Q1 Earnings Print
What’s Next: Ford sees its electric vehicle growth to continue going forward, with an estimate of 600,000 units by late 2023. The total includes the launch of e-transit vans in the U.S. and Europe and the launch of the F-150 Lightning electric pickup truck in the U.S.
The company is guiding for adjusted full year EBIT to come in a range of $11.5 billion to $12.5 billion, representing a year-over-year increase of 15% to 25%.
Ford noted that manufacturing rates were improved in March.
Farley called the company’s backlog of orders from customers “extremely healthy.”
The company sees wholesale vehicle volume up 10% to 15% year-over-year for fiscal 2022.
F Price Action: Ford shares are up 2.09% to $15.16 in after-hours trading.
Ford shares have traded between $11.14 and $25.87 over the last 52-weeks.
Ford's Rouge Electric Vehicle Center. Courtesy photo.
