By Christopher Otts
Production halts and an unprofitable EV business nearly wiped out Ford Motor's net profit in the first quarter, the company said Monday.
Ford reported net income of $471 million, down from $1.3 billion a year earlier. Revenue fell to $40.7 billion, down from $42.8 billion in the first quarter of 2024. Wholesale deliveries fell 7% to 971,000 during the three-month period, which Ford attributed to slower production of some models.
Adjusted pretax income shrank to $1 billion, from $2.8 billion a year earlier. The result exceeded analyst and Ford's own forecast in February, when it projected adjusted earnings of around $0 for the quarter.
At the same time, Ford suspended its guidance for the full year, saying it couldn't predict the full impact of President Trump's tariffs on its business. The company expected that tariff-related costs would shave around $1.5 billion off its adjusted pretax earnings.
Write to Christopher Otts at christopher.otts@wsj.com
(END) Dow Jones Newswires
May 05, 2025 16:10 ET (20:10 GMT)
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