DETROIT Reuters Ford Motor Co on Wednesday maintained its profit forecast for the year, citing strong pricing for its vehicles.
The automaker reported betterthanexpected results in the first quarter, with adjusted earnings before interest and taxes of 2.3 billion. A markdown in the value of its stake in electric vehicle maker Rivian resulted in a net loss of 3.1 billion.
Ford shares were up 3.5 at 15.30 in afterhours trading.
The automaker‘s firstquarter operating profit of 38 cents a share beat analysts’ estimates by a penny. Revenue of 34.5 billion also topped estimates of 31.1 billion.
Ford said it still expects 11.5 billion to 12.5 billion in operating earnings for the full year, despite the war in Ukraine, supplychain disruptions, inflation and rising U.S. interest rates which have hit the industry.
The company also said it expects strong pricing to remain in effect, improved availability of semiconductors in the second half of the year, and wholesale volume growth of 10 to 15.
Despite continued supplychain issues, Ford said it was able to boost production “significantly” in March. It shipped nearly 970,000 vehicles in the quarter, down 9 from a year ago.
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