Ford Motor Co. on Tuesday posted first-quarter net income of $1.8 billion, reversing a $3.1 billion loss a year earlier, and reaffirmed its full-year guidance as the company bounces back from global supply chain shortages.
Ford posted first-quarter revenue of $41.5 billion, up 20 percent from the same period of 2022, and margins of 8.1 percent, up 1.4 percentage points. That was driven by a 9 percent increase in vehicle shipments, as well as a more favorable sales mix and higher net pricing.
“This quarter was much smoother,” CFO John Lawler said, comparing the results to the fourth quarter of 2022, where the company left $2 billion in profits on the table due to issues with its operational execution.