Ford has reported $34.5 billion in revenue through Q1 2022, with a net loss of $3.1 billion “primarily attributable to valuation of investment in Rivian.” The Detroit-based automaker said demand for its vehicles was strong in the first quarter, but deliveries were tempered by supply chain issues.
“The appeal of these products – Bronco, Bronco Sport, Maverick, Mustang Mach-E, E-Transit, and now the F-150 Lightning – is undeniable,” Ford CEO Jim Farley said. “That’s translating into orders, typically with rich configurations that deliver great experiences to those customers and healthy pricing for us.
Now, we’re breaking constraints wherever they exist to get more Ford vehicles – including our innovative EVs – to more customers as quickly as possible.”
Ford’s $34.5 billion in first-quarter revenue is a 9 percent decrease from Q1 2021, with wholesale shipments of nearly 970,000 vehicles during the first three months of 2022. Ford’s adjusted results excluded a loss of $5.4 billion on its 12 percent stake in Rivian.
Ford said its net loss of $3.1 billion was “primarily attributable to a mark-to-market loss of $5.4 billion on the company’s investment in Rivian.” The company’s adjusted earnings before interest and taxes were $2.3 billion, with an adjusted EBIT margin of 6.7 percent.
Ford reported an EPS of $0.38, beating Wall Street estimates narrowly, which projected an EPS of $0.37. Additionally, Ford’s automotive revenue at $32.1 billion edged out consensus estimates of $31.13 billion.
The automaker said it would maintain its full-year outlook for $11.5 billion to $12.5 billion in adjusted EBIT. It also expects free cash flow to land between $5.5 billion to $6.5 billion.