Auto giant Ford Motor Company (NYSE: F) on Tuesday reported higher adjusted earnings and net sales for the first quarter of 2023.
First-quarter revenues rose 20% annually to $41.5 billion, aided by double-digit growth in the core Ford Blue segment. The company reported earnings of $0.63 per share, on an adjusted basis, up from last year’s profit of $0.38 per share.
On a reported basis, net income was $1.8 billion or $0.44 per $hare, compared to a loss of $3.1 billion or $0.78 per share in the first quarter of fiscal 2022.
“Ford Pro is leading the way on profitable growth, our big investments in iconic Ford Blue vehicles and derivatives are winning with customers, and Ford Model e’s different approach to EVs is significantly reducing costs on our first high volume products while rapidly developing breakthrough next-generation vehicles from the ground up,” said Ford’s CEO Jim Farley.