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Ford posts stellar first quarter, boosted by fleet and legacy truck divisions



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DETROIT — Ford Motor on Tuesday reported first-quarter results that significantly topped Wall Street’s estimates, as the automaker’s fleet and legacy operations outweighed growing losses in electric vehicles.Despite the significant beat, Ford maintained its previously announced 2023 guidance, and the stock ticked lower in extended trading.related investing news an hour ago 2 days agoFord finance chief John Lawler said the quarter was a “peek at what’s possible to generate value and growth.” His comments come months after CEO Jim Farley said the company failed to capitalize on $2 billion in additional profits last year due to “execution issues.”Here’s how Ford did during the quarter, compared with what Wall Street expected based on average estimates compiled by Refinitiv:Earnings per share: 63 cents, adjusted, vs. 41 cents expectedAutomotive revenue: $39.09 billion vs. $36.08 billion expectedFarley said during the earnings call that the company had a “solid quarter while making real progress on our Ford+ growth plan.””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,” Farley said.The company reiterated it expects full-year adjusted earnings between $9 billion and $11 billion and roughly $6 billion in adjusted free cash flow. Ford said it plans to have capital expenditures of between $8 billion and $9 billion in 2023.Ford also reconfirmed it expects to lose about $3 billion from its electric vehicle operations, known as Model e, in 2023. Ford said the operations’ loss widened to $722 million in the first quarter from $380 million a year earlier as it ramps up EV production.Those losses were washed out, however, by the company’s traditional car business, known as Ford Blue, which earned $2.6 billion, and the automaker’s Ford Pro fleet operations, which reported $1.4 billion in earnings. The automaker said both business segments were profitable in every region where they operate.Lawler reconfirmed the automaker expects Model e to report a positive EBIT margin of 8% by the end of 2026, including its …

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