Ford F-150 Lightning Trucks manufactured at the Rouge Electric Vehicle Center in Dearborn, Michigan.
Courtesy: Ford Motor Co.
DETROIT — Ford Motor’s first-quarter results came in in line with Wall Street expectations, as earnings were dragged down by a stake in electric-vehicle maker Rivian and lower earnings from reduced production.
Here are the results:
- Adjusted earnings per share: 38 cents vs. 37 cents, according to Refinitiv consensus estimates
- Automotive sales: $32.1 billion versus $31.13 billion according to consensus estimates from Refinitiv
Ford’s results come a day after crosstown rival General Motors slightly beat Wall Street earnings expectations. GM also surprised analysts by maintaining its adjusted 2022 pre-tax profit guidance of $13 billion to $15 billion despite a slew of supply chain issues and increased costs. Both put pressure on Ford’s results.
Evercore ISI said in a note to investors last week that it expects Ford to trim its 2022 outlook due to the growing number of issues the company is facing. It cited the company’s vulnerability to supply chain issues in Europe due to Russia’s war in Ukraine and the increased cost of aluminum used in its best-selling F-Series pickups, among other things.
Earlier in March, Ford reiterated its guidance for pretax profit of between $11.5 billion and $12.5 billion for the year. But supply chain issues have only gotten more complex since then, analysts said.
Ford stock has been under pressure this year and is down about 30% this year. It was the top growth stock among automakers in 2021.
Aside from earnings and guidance, investors will be watching for updates or progress on CEO Jim Farley’s Ford+ turnaround plan and any new information on the company’s electric vehicle plans. Ford earlier this week celebrated the start of production of its F-150 Lightning electric pickup truck.
This is breaking news. Please check again for updates.