Ford said earnings for the first three months of the year came in at 39 cents a share, well ahead of the 35 cent forecast compiled by FactSet. Revenue for the period was $39.1 billion, firmly ahead of the FactSet consensus of $34.1 billion.
"This quarter was an investment in Ford's future. From announcing exciting vehicles like the all-new Expedition and Lincoln Navigator, to initiatives such as our investment in Argo AI, we are fortifying our core business, while also investing in emerging opportunities that will deliver profitable growth," said CEO Mark Fields.
Overall costs and expenses rose 7% to $37.7 billion from the same quarter last year, Ford said, a condition it has said will result in lower full-year profit, along with lower volumes and an unfavorable exchange rate owing to a stronger U.S. dollar. It also flagged "higher cost due to warranty, investments in new products and emerging opportunities for future growth, and rising commodity costs."
Ford said earlier this month that its first-quarter sales had fallen 4.4% from the same period last year to 617,302 vehicles, with car sales tumbling 22.4% but more profitable SUV and truck sales rising 2.6% and 3.8%, respectively. Ford-branded sales were down 4.9%, the company said, while Lincoln sales rose 8.7%.
Ford shares closed at $11.60 in New York Wednesday after rising 1.05% on the session, trimming their year-to-date decline to 4.4% compared to a 6.65% gain for the S&P 500 benchmark.