Ford posts $1.76B 1Q profit largely on gas-powered vehicles
Excluding one-time items, Ford made 44 cents per share. That beat Wall Street estimates of 42 cents, according to FactSet.Ford reaffirmed its earlier pretax profit guidance for the full year of $9 billion to $11 billion.
Ford lost $722 million before taxes on its electric vehicles, but it made $2.62 billion on internal combustion vehicles. The company'sunit added $1.37 billion to the pretax profits. Ford lost more than $60,000 per electric vehicle sold in the first quarter.
The company's profits were fueled largely by sales in the U.S., its most lucrative market. Ford sold just under 472,000 vehicles from January through March, up 9.9% from the previous year.and big SUVs. Ford's average sale price was $56,534, according to Edmunds.
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