Ford Beats Sales Estimates on Strong Demand for Work Trucks

Bloomberg04-25

Commercial unit sees revenue rise 36% on pickup deliveriesAutomaker delaying, discounting EV models as sales grow slowlyFord Motor Co., rapidly retooling its electric vehicle strategy in a ...

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFord Beats Sales Estimates on Strong Demand for Work Trucks\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-25 07:37 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2024-04-24/ford-beats-sales-profit-estimates-amid-ev-strategy-overhaul><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Commercial unit sees revenue rise 36% on pickup deliveriesAutomaker delaying, discounting EV models as sales grow slowlyFord Motor Co., rapidly retooling its electric vehicle strategy in a ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2024-04-24/ford-beats-sales-profit-estimates-amid-ev-strategy-overhaul\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"F","symbol_name":"福特汽车","start_time":0,"source_url":"https://www.bloomberg.com/news/articles/2024-04-24/ford-beats-sales-profit-estimates-amid-ev-strategy-overhaul","article_id":"1123533188","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1123533188","pubTimestamp":1714001857,"sourceInfo":{"source_id":"lsy1584095487587","name":"Bloomberg"},"weMediaInfo":null,"summary":"Commercial unit sees revenue rise 36% on pickup deliveriesAutomaker delaying, discounting EV models as sales grow slowly$Ford Motor Co.(F)$, rapidly retooling its electric vehicle strategy in a decele","collect":0,"end_time":0,"defaultTopTitle":"bloomberg.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"F":"福特汽车"},"translate_title":"福特工作卡车需求强劲，销量超过预期","themeId":"c0d77e622a6742cf8335299f8317b4b4","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"F":1.1},"content_text":"Commercial unit sees revenue rise 36% on pickup deliveriesAutomaker delaying, discounting EV models as sales grow slowlyFord Motor Co., rapidly retooling its electric vehicle strategy in a decelerating market for plug-ins, posted first-quarter results that beat expectations on strong sales of work trucks.The automaker Wednesday reported adjusted earnings per share of 49 cents, topping the 42 cents analysts expected on average. Revenue in the period of $42.8 billion surpassed the $40 billion analysts expected.Ford’s shares rose about 2.4% in extended trading in New York.Ford’s results were driven by a 36% jump in revenue and fatter profit margins at its commercial Ford Pro unit, lifted by strong sales of the recently redesigned Super Duty pickup truck.“We had a really solid quarter,” John Lawler, Ford’s chief financial officer, said in a Bloomberg TV interview. “It looks like we’re on track for a really solid year.”As EV sales growth has stalled, Chief Executive Officer Jim Farley has dialed back an aggressive electrification push to make more SUVs and pickups that generate the profits needed to fund future growth. Ford’s Model e electric-car division posted another loss in the quarter.The CEO has delayed two battery-powered models and slashed EV prices and production while ramping up output of gas-fueled models like the Bronco sport-utility vehicle as well as gas-electric hybrids such as the Maverick tiny truck.The automaker is also pivoting to produce smaller, more-affordable EVs due to arrive in late 2026, Bloomberg has reported. Lawler told reporters on Wednesday that those new products would be profitable from the time that they go on sale.“We have to make tremendous progress on Model e,” Farley said on Ford’s earnings call. “That is the main drag on the whole company right now.”Ford reiterated its earnings forecast for the year of $10 billion to $12 billion before interest and taxes, and said it is trending toward the high end of that range. The company also raised its free cash flow forecast to between $6.5 billion to $7.5 billion.The carmaker’s results mirrored a beat on profit and revenue by Detroit rival General Motors Co. earlier this week. Both companies benefited from strong demand for traditional gas-powered models, which overcame losses from their EV sales. Tesla Inc., the EV market leader in the US, on Tuesday reported lower-than-expected earnings, reflecting a global slowdown in demand for all-electric vehicles.Cost CutsIn the near term, Ford is deeply discounting its current crop of EVs as inventory balloons of its F-150 Lightning plug-in pickup and Mustang Mach-E battery powered crossover SUV.Ford is “on track” to cut $2 billion in costs this year, Lawler said, which will help offset the up to $5.5 billion in losses it expects in its EV business this year. That includes a renewed push to improve quality in order to lower billions in warranty costs that helped to make Ford the most-recalled automaker in the US for the last three years.A buildup of more than 60,000 of the newly redesigned F-150 pickup trucks for extra quality checks, contributing to free cash flow of negative $500 million in the first quarter. The checks also enabled Ford to avoid 12 recalls, Farley told analysts on the company’s earnings call.EV LossesEV losses and struggles with controlling costs have overshadowed strength in the company’s commercial division, Ford Pro, and its profitable business in selling traditional internal combustion-engine vehicles, Ford Blue. The company’s shares have trailed rivals General Motors Co. and Chrysler-parent Stellantis NV.“The overhang on the stock comes down to one word: when?” David Whiston, auto analyst with Chicago-based Morningstar Inc., said in an interview. “When does it all turn around? When do we start seeing traction from the cost cutting? When do we get more scale on EVs, which are now being delayed?”Ford’s EV unit, known as Model e, lost $1.32 billion before interest and taxes in the first quarter, better than the $1.36 billion deficit analysts expected on that basis. Ford’s US EV sales rose 86% in the first quarter, but that was compared to a year-ago period when two of its EV plants were shut down. Compared to the fourth quarter of 2023, Ford’s EV sales fell 22% in the first three months of this year.“The Model e unit is expected to lose about $33,000 per unit in 2024, about 17% higher than 2023,” Joel Levington, director of credit research for Bloomberg Intelligence, wrote in an April 22 note. “Reductions in investments, sales and possibly cost cuts could create a ‘less worse’ scenario.”Pro ProfitsThe carmaker’s commercial Ford Pro business earned $3 billion before interest and taxes, far more than the $2.24 billion analysts expected on average. The unit also posted profit margins of before interest and taxes of 16.7%, up from closer to 10% a year ago.The automaker is having greater success selling EVs to fleet buyers, who find they save money thanks to lower fuel and maintenance costs.“When you look at Ford Pro, it was a great quarter,” Lawler said. “It was double the profit from last year and it was an incredibly high growth rate.”In Ford Blue, its traditional business that includes internal combustion engine vehicles and gas-electric hybrids, the automaker earned $905 million before interest and taxes, worse than the $1.63 billion analysts expected. Ford’s total US light vehicle sales rose 7% in the first quarter on strong demand for hybrids, which surged 42%.Sales of F-Series trucks, Ford’s best seller, fell 10% in the first quarter amid the quality checks. This month, Ford resumed shipping the electric F-150 Lightning after nearly three months of holding the model to fix an undisclosed quality issue.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1123533188"}