Ford Q1 earnings top expectations, sees full-year profit 'tracking to high-end'

Ford (F) reported first quarter results after the bell that beat expectations on Wednesday, with its changing product game plan front and center along with its focus on gas and hybrid offerings. Ford also boosted some guidance metrics, but not its full-year profit outlook.

For the quarter, Ford reported revenue of $42.8 billion, beating estimates of $40.04 billion, and up 3% compared to a year ago. Ford posted adjusted earnings per share of $0.63 topping forecasts of $0.42, with adjusted EBIT (earnings before interest and taxes) coming in at $2.8 billion, compared to estimates of $2.54 billion. Ford’s results were better than those in Q4, when it was dealing with the lingering effects of the United Auto Workers (UAW) strike.

Ford said full-year adjusted EBIT was "tracking to high end of $10 billion to $12 billion," though it raised its adjusted FCF target raised to $6.5 billion to $7.5 billion, with CAPEX guidance tightened to $8 billion to $9 billion. Previously had projected adjusted EBIT of $10 billion to $12 billion, adjusted free cash flow of $6 billion to $7 billion, and capital expenditures of $8 billion to $9.5 billion.

Ford shares were pulling higher in after hours trading, up over 3%. Ford's results come after GM reported strong Q1 results and boosted its yearly profit outlook.

“Customers want vehicles that they’re passionate about, choices in how they’re powered, quality that’s constantly getting better and great value,“ Ford President and CEO Jim Farley said in a statement. “With Ford+, we’re increasingly giving them all those things in ways that others don’t and creating a company that will lead for the long haul.”

Last year Ford divided its business into three units: Ford Blue, for traditional gas-powered autos; Ford Model e, for the EV division; and Ford Pro, for its commercial and super duty truck business. Here's the breakdown for Q1: