Ford’s Big Quarter
If Ford can string together several quarters like this, it will return to its place as a well-run, major U.S. manufacturer.
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Ford Motor Co. (NYSE: F | F Price Prediction) posted the kind of quarter investors have wanted for over a year. Whatever troubles it has had with financials or production were left behind. Management proved it could navigate toward an electric vehicle (EV) future while driving huge profits from its old-line businesses. (These 20 cars have been completely redesigned for 2023.)
Earnings of $0.44 per share compared to a per-share loss of $0.78 in the same period of last year. Revenue hit $41.5 billion, up from $34.5 billion. Ford said much of the success came from “iconic” gasoline-powered vehicles. As it steps into the future, its past may be the foundation of its success for some time.
Chief Executive Jim Farley hinted at problems in the past and indicated they would not be problems in the future: “I hope that becomes a trend at Ford, boringly predictable when it comes to execution and delivering financials, but extremely ambitious in dynamically creating the Ford of the future.”
Ford Blue, which included gasoline-powered and hybrid vehicles, posted first-quarter revenue of $25.1 billion and earnings before interest and taxes (EBIT) of $2.6 billion. Ford Model e, the EV division, had an EBIT loss of $722 million on virtually no revenue. Ford management has said it will rely on this division for most of its revenue. It is impossible to say when this will happen.
If Ford can string together several quarters like this, it will return to its place as a well-run, major U.S. manufacturer.
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
