Ford reports Q1 revenue and profit beat; EV unit suffers $722M EBIT loss
Ford (F) reported first quarter revenue and earnings that topped Wall Street expectations on Tuesday while also breaking out results for its EV segment for the first time, where losses totaled more than $700 million in Q1. Revenue came in at $41.5 billion for the quarter, up 20% from last year and beating expectations for $36.1 billion. Earnings per share came in at $0.63, more than the $0.41 expected by analysts. Last year, Ford reported a net loss of $3.1 billion during its first quarter due to losses related to its investment in EV maker Rivian (RIVN). In a separate release on Tuesday, Ford announced it would be re-opening orders for its all-electric Mustang Mach-E on Wednesday with prices lowered by up to $4,000 for some models. Ford stock was down about 1% in after-hours trading following these results. Fords breakdown of its business segments still shows deep losses in its Model E EV business unit, though that is expected to improve through the end of the year. Here are Fords first quarter results by business segment: Ford Azul: $25.1 billion in revenue, $2.623 billion in EBIT, 10.4% EBIT margin Ford Model e: $700 million in revenue, ($722 million) in EBIT, -102% EBIT margin Ford pro: $13.2 billion