Mustang was recently named the world’s best-selling sports car over the past 10 years combined, with the seventh-generation, 2024 model coming soon. In addition, Ford recently completed the renewal of its more than $17 billion in sustainability-linked corporate credit facilities.įord Blue – which has high expectations for profitable growth from its portfolio of iconic gas-powered and hybrid vehicles – had first-quarter revenue of $25.1 billion, EBIT of $2.6 billion and an EBIT margin of 10.4%, all up sharply from a year ago.Īlready the maker of America’s most popular truck for 46 straight years – and top vehicle of any type in the region for 41 years – Ford Blue’s Maverick and Bronco were recognized by Car and Driver among its latest 10 best trucks and SUVs. They enabled continued strategic investments in profitable growth and returns to shareholders, including through a regular dividend payable June 1.Īt the end of the quarter, the company’s persistently strong balance sheet had nearly $29 billion in cash and more than $46 billion in liquidity. Company adjusted earnings before interest and taxes, or EBIT, were $3.4 billion, an increase of 45% and margin of 8.1%.Ĭash flow from operations in Q1 was $2.8 billion Ford generated $693 million in adjusted free cash flow. Net income of $1.8 billion compared to a net loss in the 2022 period that was primarily attributable to a change in the mark-to-market value of the company’s investment in Rivian. The Ford Blue and Ford Pro business segments were both profitable in every region where they operate. Profitability in the quarter was enhanced by a favorable mix of products, higher net pricing and increased volume and was broadly based geographically. “Ford Pro is leading the way on profitable growth, our big investments in iconic Ford Blue vehicles and derivatives are winning with customers, and Ford Model e’s different approach to EVs is significantly reducing costs on our first high-volume products while rapidly developing breakthrough next-generation vehicles from the ground up.”įord’s first-quarter 2023 revenue reached $41.5 billion, up 20% from the same period a year ago, on shipments approaching 1.1 million vehicles, a 9% increase.Ĭustomers made Ford America’s best-selling vehicle brand in the quarter, choosing its iconic gas-powered, hybrid and electric trucks, commercial vans and SUVs – categories in which the company has demonstrated strengths and made strategic commitments. “We’re bringing Ford+ to life by zeroing in on what distinct customers need and value the most,” said Farley. Company reaffirms guidance for full-year 2023 adjusted EBIT of $9 billion to $11 billion, adjusted free cash flow of about $6 billionĭEARBORN, Mich., – According to Ford CEO Jim Farley, the first quarter of organizing around and running the company on behalf of distinct customer groups produced solid operating results and a glimpse of the promise of its Ford+ growth plan.Ford Pro EBIT nearly triples, to $1.4 billion, and Ford Blue EBIT doubles, to $2.6 billion, with margins for both exceeding 10%.Quarterly revenue rises 20% year-over-year to $41.5 billion $1.8 billion in net income compares to year-ago net loss of $3.1 billion adjusted EBIT of $3.4 billion was 45% higher.Three customer-focused businesses now drive value, growth: Ford Blue (iconic gas, hybrid vehicles), Ford Model e (breakthrough EVs), Ford Pro (commercial products, services).
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