Ford posted first-quarter revenue and profits that exceeded Wall Street forecasts and reversed a year-over-year loss as it leveraged robust truck and SUV sales.
The Dearborn, Mich.-based automaker turned a $1.8 billion profit on a 20% year-over-year revenue gain to $41.5 billion.
The results balanced losses in electric vehicle sales as it scales the burgeoning unit that it aims to overtake its entire lineup in Europe by 2030.
Its profits were boosted by a product mix, higher net pricing and increased volume, Ford said in a press release on the quarter’s results. Its EV losses were offset by profits from gas-powered cars and fleet sales.
A year earlier, Ford lost $3.1 billion, which it attributed to a change in the value of its investment in electric truck startup Rivian.
Company CEO Jim Farley said in Ford’s earnings call that he hopes the brand will become “boringly predictable when it comes to execution and delivering financials but extremely ambitious in dynamically creating the Ford of the future.”
Ford stuck to full-year guidance of $9 billion to $11 billion in adjusted earnings and some $3 billion in losses in its EV unit.
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