Ford Motor Co. on May 2 reported a first-quarter profit and sharply higher revenue.
The Dearborn, Mich.-based automaker posted a quarterly profit of $1.8 billion, or 44 cents a share, compared with a year-earlier loss of $3.1 billion, or 78 cents.
The company’s revenue for the quarter soared 20% compared with a year earlier to $41.5 billion.
Ford said it generated adjusted earnings, which exclude some costs, of $3.4 billion, or 63 cents a share, for the first three months of the year, compared with $2.3 billion, or 38 cents, for the same period in 2022.
The automaker cited increased deliveries of trucks and SUVs for the financial improvement. Ford is relying on profits from the high-profit vehicles to finance its investment in electric vehicles.
Ford also affirmed its previous forecast of full-year adjusted earnings of $9 billion to $11 billion.
Ford now is also breaking out financial results for its major units: Ford Blue (gasoline-powered and hybrid vehicles), Ford Model e (EVs), and Ford Pro (commercial vehicles and services).
The company said Ford Blue totaled $2.6 billion in earnings before interest and taxes. Ford Pro posted EBIT of $1.4 billion. Ford Model e had a loss of $722 million.
Ford, like other automakers, has been coping with a shortage of semiconductors and other supply chain issues. The computer chip shortage has eased but remains a factor in the auto industry.
