Ford is set to release its first-quarter earnings and revenue after the markets close on Wednesday, following in the footsteps of General Motors (GM) and Tesla (TSLA), who have already released their quarterly results. Wall Street analysts predict that Ford’s earnings per share will fall 32% to 43 cents in Q1, with revenue expected to grow more than 3% to $42.93 billion.
Ford recently announced that U.S. sales had grown by 6.8% in Q1, with overall EV sales, including hybrids, jumping by 82%. The company reaffirmed its guidance for an annual core profit of $10 billion to $12 billion on March 26, emphasizing the importance of hybrids as they shift investments from EVs to hybrid vehicles. Investors and analysts are eager to see the losses from Ford’s EV efforts in Q1.
Ford’s stock was up by 0.3% to 12.97 on Wednesday, following a 0.5% increase on Tuesday. The company’s stock has gained 6.7% for the week, but it is still below the official buy point of 13.95 from a cup-with-handle base, according to MarketSurge.
General Motors recently raised its 2024 guidance, expecting full-year earnings of $9.00-$10.00 per share on adjusted earnings before interest and taxes (EBIT) between $12.5 billion to $14.5 billion. This was an increase from their previous forecast of $8
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