Ford Motor Co. (NYSE: F | F Price Prediction) posted the kind of quarter investors have wanted for over a year. Whatever troubles it has had with financials or production were left behind. Management proved it could navigate toward an electric vehicle (EV) future while driving huge profits from its old-line businesses. (These 20 cars have been completely redesigned for 2023.)
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Earnings of $0.44 per share compared to a per-share loss of $0.78 in the same period of last year. Revenue hit $41.5 billion, up from $34.5 billion. Ford said much of the success came from “iconic” gasoline-powered vehicles. As it steps into the future, its past may be the foundation of its success for some time.
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Chief Executive Jim Farley hinted at problems in the past and indicated they would not be problems in the future: “I hope that becomes a trend at Ford, boringly predictable when it comes to execution and delivering financials, but extremely ambitious in dynamically creating the Ford of the future.”
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Ford Blue, which included gasoline-powered and hybrid vehicles, posted first-quarter revenue of $25.1 billion and earnings before interest and taxes (EBIT) of $2.6 billion. Ford Model e, the EV division, had an EBIT loss of $722 million on virtually no revenue. Ford management has said it will rely on this division for most of its revenue. It is impossible to say when this will happen.
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If Ford can string together several quarters like this, it will return to its place as a well-run, major U.S. manufacturer.
Ford’s Big Quarter
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