Ford has reported a strong set of first quarter financial results that beat analyst expectations. Revenues in the period were put at $42.8 billion (Q1 2023:$41.5 billion), while net income was $1.3 billion (Q1 2023: $1,3 billion) and adjusted EBIT $2.8 billion ($3.4 billion in Q1 2023).

Ford posted quarterly adjusted earnings of 49 cents per share for the quarter, with analysts widely expecting Ford to report an adjusted profit of around 40 cents per share.

GlobalData analyst Jeff Schuster told Just Auto that Ford’s results were supported by still-high transaction prices in the US. “It’s still a broadly favourable environment in the US for many OEMs,” he said. “Product mix is positive for Ford and Ford’s results follow strong quarterly results from GM this week, too.

“However, a potential cloud on the horizon for all is a diminishing transaction prices tailwind as the year progresses. It is also clear that Ford and others are struggling to turn a profit on BEVs and that area is a drag on profitability that shows no sign of abating significantly anytime soon.”

Ford said full-year adjusted EBIT was tracking to the higher end of a $10 billion to $12 billion range.

Revenue from Ford Pro commercial customers was up 36% in Q1 with EBIT more than double. Ford reported high demand for Super Duty work trucks, Transit vans and software/physical services.

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Ford said saes of (Ford Blue’s) hybrid vehicles were up 36%, on pace for projected full-year 2024 hybrid sales growth of 40%. Ford said the compact Ford Maverick was America’s No. 1-selling hybrid truck in Q1, and hybrid versions of the new F-150 full-size pickup are ‘now on their way to customers’.  Ford maintains it is ‘well along in carrying out a multiyear plan that is further expanding hybrid options around the globe, including hybrid versions of every vehicle in its North America portfolio by the end of the decade’.

Ford ‘Model e’ (its BEV unit) revenue was down, as wholesales declined and ‘significant industry-wide pricing pressure continued to affect electric vehicles currently on the market’.  The segment had an EBIT loss of $1.3 billion, with costs that were flat year-over-year.  The company said it expects EV costs to improve going forward.