Dearborn, Michigan – Ford’s first quarter results exceeded expectations, showcasing its evolving product strategy and commitment to gas and hybrid offerings. The company reported a revenue of $42.8 billion, surpassing estimates of $40.04 billion, with adjusted earnings per share of $0.49, higher than the forecasted $0.42. The adjusted EBIT came in at $2.8 billion, beating estimates of $2.54 billion, reflecting a 3% increase compared to the previous year’s quarter.

Ford’s full-year adjusted EBIT is on track to reach between $10 billion and $12 billion, with adjusted free cash flow guidance raised to $6.5 billion to $7.5 billion. The capital expenditures forecast has been adjusted to $8 billion to $9 billion. The company’s restructuring into three units – Ford Blue, Ford Model e, and Ford Pro – under the Ford+ initiative, aims to streamline operations and focus on traditional, electric, and commercial vehicles.

CEO Jim Farley noted a slower ramp-up of the all-new Ford F-150 as a factor influencing the guidance update. The company also announced a dividend of $0.15 for the quarter. Despite challenges in the EV division, including a loss of $1.32 billion in EBIT for Ford Model e, the company remains committed to making progress in the electric vehicle market.

In the first quarter, Ford emphasized its gas and hybrid vehicle lineup, delaying EV production to prioritize these offerings. Sales of electrified products, such as hybrids, saw a significant increase, with the Maverick hybrid pickup recording its best quarter ever. Ford’s overall EV portfolio also experienced strong demand, with a substantial 82% jump in EV sales in Q1.

Despite strong performance in the EV sector, Ford faced a setback in flagship F-150 sales, which declined by 10.2% in the quarter. The company attributed the decrease to a slow ramp-up of the all-new F-150, launched in March. Ford’s commitment to hybrid offerings, like the Maverick pickup and F-150 with a hybrid powertrain, reflects its strategy to meet evolving market demands and sustainability goals.

Moving forward, Ford remains focused on enhancing its product lineup, addressing challenges in the EV sector, and optimizing its operations to ensure long-term profitability and growth. The company’s dedication to innovation and sustainability underscores its commitment to shaping the future of the automotive industry.