Ford Motor Co. late Wednesday reported first-quarter results within Wall Street’s expectations, saying strong demand for its “fresh” vehicle lineup was tempered by “persistent” supply-chain challenges that crimped the auto maker’s ability to fulfill its orders.
Ford said it lost $3.1 billion, or 78 cents a share, in the first quarter, contrasting with earnings of $3.3 billion, or 81 cents a share, in the year-ago quarter.
Adjusted for one-time items, including investment losses related to Rivian Automotive Inc.
the auto maker earned 38 cents a share.
Revenue fell to $34.5 billion, from $36.2 billion a year ago, Ford said.
Analysts polled by FactSet expected the company to report adjusted earnings of 37 cents a share on revenue of $34.5 billion.
The “continuing global shortage of semiconductors held down Ford’s January and February production and shipments, though manufacturing rates were significantly improved during March,” Ford said.
The company entered the second quarter with what Chief Executive Jim Farley called an “extremely healthy” order bank.
Ford stock rose more than 2% in the extended session, after ending the regular trading day on Wednesday up 1%.
Ford in March surprised markets with a decision to split itself in two distinct auto businesses, with one focused on electric vehicles and dubbed Ford Model e.
The other focuses on cars with internal combustion engines, and it’s called Ford Blue. The units joined Ford Pro, the auto maker’s commercial-vehicle unit.
Ford shares have lost more than 28% so far this year, compared with losses of around 12% for the S&P 500 index.