Ford Motor (NYSE:F) reported its Q1 results, with EPS of $0.63 coming in better than the consensus estimate of $0.42. However, shares fell more than 1% lower after-hours.
Revenue grew 20% year-over-year to $41.5 billion, beating the consensus estimate of $39.25B, thanks to the easing of supply-chain disruptions that enabled the company to more effectively cater to the robust demand for its SUVs and pickup trucks. Shipments are approaching 1.1 million vehicles, representing a 9% increase.
Profitability in the quarter was enhanced by a favorable mix of products, higher net pricing and increased volume and was broadly based geographically. The Ford Blue and Ford Pro business segments were both profitable in every region.
The company reiterated its full 2023-year performance expectations it first articulated in early February. Adjusted EBIT is expected in the range of $9-$11B, and adjusted free cash flow is seen at $6B.
The company reaffirmed 2023 segment-level EBIT expectations, with about $7B for Ford Blue, a loss of about $3B for Ford Model e, and $6B for Ford Pro.