Ford tops first-quarter earnings estimates as commercial unit offsets EV losses
Ford tops first-quarter earnings estimates as commercial unit offsets EV losses
Apr 24, 2024 by CNBC
Key Facts
- Danielle DeVries | CNBC DETROIT — Sales of Ford Motor’s trucks and other commercial vehicles led the automaker to beat Wall Street’s earnings estimates during the first quarter, offsetting losses of its electric vehicles.
- The company now expects to generate adjusted free cash flow of $6.5 billion to $7.5 billion – up from the initial outlook of $6 billion to $7 billion provided earlier this year.
- Earnings per share: 49 cents adjusted vs. 42 cents adjusted expected by LSEG * Automotive revenue: $39.89 billion vs. $40.10 billion expected by LSEG Adjusted earnings of Ford’s traditional business, known as Ford Blue, were down 66% compared to a year earlier to $905 million during the first quarter.
- As part of its 2024 guidance from February, Ford said it expected its EV business lose between $5 billion to $5.5 billion during this year.
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