Ford tops first-quarter earnings estimates as commercial unit offsets EV losses

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.

While the automaker beat earnings estimates, it slightly missed on automotive revenue. The company maintained its 2024 earnings guidance, while slightly lowering capital expenditure expectations and raising its adjusted free cash flow outlook for the year.

The automaker's 2024 guidance released in February included adjusted earnings before interest and taxes, or EBIT, of between $10 billion and $12 billion; adjusted free cash flow of $6 billion to $7 billion; and capital spending of $8 billion to $9.5 billion.

Here are the results.

• 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

Ford's first-quarter 2023 results included $39.09 billion in revenue; net income of $1.8 billion, or 44 cents per share; and adjusted earnings before interest and taxes of $3.38 billion.

— CNBC's Michael Bloom contributed to this report.

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