US automobile giant Ford earned $1.663 billion of net profit in the first quarter of 2023, while for the same period a year earlier it reported a net loss of $3.119 billion, the company said on Wednesday.
Earnings per share amounted to $0.44 after a loss of $0.78 a year earlier, according to the company’s financial report. Ford’s revenue increased in annual terms by 20.3%, up to $41.474 billion.
Ford also kept unchanged its forecast of adjusted EBIT for the current year – it is expected to reach $9-11 billion – and adjusted free cash flow – about $6 billion.
Additionally, the company noted that deliveries of electric vehicles (EV), as well as EV revenues were limited last quarter due to production interruptions for two of its most popular models, the Mustang Mach-E SUV and F-150 Lightning pickup truck.
The report has not prevented Ford’s shares from falling – at the end of the trading day, they were depreciating by 1.4%.
The automaker has 30 assembly plants worldwide and employs more than 170,000 people.