The Zhitong Finance App learned that on the morning of April 28, Beijing time,$Ford Motor (F.US) $Results for the first quarter of 2022 were announced. Financial reports show that Ford's Q1 revenue was 34.5 billion US dollars, exceeding market expectations, down 4.7% from the previous year; adjusted earnings per share were 0.38 US dollars, and the market forecast was 0.37 US dollars.
The revenue of the automotive division was US$32.1 billion, and the market forecast was US$31.13 billion.
Ford's vehicle wholesale volume in the first quarter fell 9% year over year to 966,000 units.
This quarter, Ford's profit from its North American business was 1.6 billion US dollars, a sharp drop from 2.9 billion US dollars in the same period last year. The profit before tax from the European business was 207 million US dollars, compared to 341 million US dollars in the same period last year. The loss of its Chinese business increased from 15 million US dollars in the same period last year to 53 million US dollars.
The unadjusted net loss was $3.1 billion, including a loss of $5.4 billion on the company's 12% equity in Rivian (RIVN.US). By comparison, the company's net profit for the same period last year was $3.3 billion.
In the first quarter of this year, Rivian's stock price fell by about 52%, reducing the value of Ford's Rivian shares from US$10.6 billion to US$5.1 billion.
Even excluding Rivian's losses, Ford's adjusted profit before tax was $2.3 billion, lower than the $3.9 billion announced last year.
In an earnings call, Ford executives declined to comment on when or whether the company plans to withdraw from Rivian after the pre-IPO investor ban period ended on May 8. Rivian's stock price has fallen by about 60% since its IPO on November 9 last year.
“We won't be commenting on Rivian,” Chief Financial Officer John Lawler said on a conference call Wednesday EST.
Performance Guidelines
Despite rising costs and supply chain issues this quarter, Ford reiterated adjusted EBIT of $115-12.5 billion for 2022.
Lawler said that strong car pricing and expectations of production growth throughout the year enabled the company to maintain its performance guidelines. He reiterated that the wholesale volume of vehicles will increase by about 10%-15% year-on-year in 2022.
Earlier, Ford's competitor General Motors (GM.US) announced results for the first quarter of 2022, with profits exceeding Wall Street expectations. Despite supply chain issues and increased costs, GM surprised analysts by reaffirming that its adjusted EBIT in 2022 would be between $13 billion and $15 billion.
Ford's stock has been under pressure this year, falling about 30% year-to-date. As of press release, Ford rose 1.28% after the market.