Ford posts $1.76B 1Q profit largely on gas-powered vehicles

Published May 2, 2023 3:25 PM

By TOM KRISHER
AP Auto Writer

DETROIT (AP) — Ford Motor Co. made $1.76 billion last quarter, swinging into the black from a $3.1 billion net loss for the same period a year ago. Excluding one-time items, Ford made 44 cents per share. That beat Wall Street estimates of 42 cents. Revenue rose 20% to $41.74 billion, soundly beating the $39.25 billion that analysts expected. Ford reaffirmed its earlier pretax profit guidance for the full year of $9 billion to $11 billion. Ford lost $722 million before taxes on its electric vehicles, but it made $2.62 billion on internal combustion vehicles. The company’s commercial vehicle unit added $1.37 billion to the pretax profits.

Article Topic Follows: AP National Business

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