Ford Motor (NYSE:F) shares climbed over 3% pre-market today following the announcement of fiscal Q1/24 earnings that surpassed expectations, although revenue slightly missed projections.
The automaker reported first-quarter earnings per share (EPS) of $0.49, topping analysts’ estimates of $0.42. However, revenue for the quarter was $42.8 billion, just shy of the expected $42.94 billion.
Looking forward to the full year of 2024, Ford’s CFO, John Lawler, stated that the company’s adjusted EBIT guidance remains stable, with anticipated results at the higher end of the $10 billion to $12 billion range.
Additionally, Ford adjusted its expectations for adjusted free cash flow upward, now forecasting between $6.5 billion and $7.5 billion, an increase from the prior estimate of $6 billion to $7 billion.
The company also narrowed its capital expenditures forecast for the year to between $8 billion and $9 billion, from a previous range of $8 billion to $9.5 billion, with spending expected to trend towards the lower end of this range.