Ford Motor Company (NYSE: F) reported a modest increase in sales for the first quarter of 2024. Meanwhile, adjusted earnings of the car maker declined by double digits.
March quarter revenue increased 3% year-over-year to $42.8 billion. The top line benefitted from strong growth in the Ford Pro division. Adjusted earnings declined 22% from last year to $0.49 per share during the three months.
On an unadjusted basis, the company reported a net income of $1.33 billion, or $0.33 per share for Q1, compared to $1.8 billion, or $0.44 per share in, the corresponding quarter of 2023.
“Customers want vehicles that they’re passionate about, choices in how they’re powered, quality that’s constantly getting better, and great value. 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,” said Ford’s CEO Jim Farley.