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Ford just did the hard part
Ford came in with a classic double beat: adjusted EPS of 66 cents versus 19 cents expected, and revenue of $39.81 billion versus $38.91 billion expected. That’s the kind of quarter that usually gets investors doing the happy-dance, but Ford’s stock decided to act like it had other plans.
The good stuff wasn’t subtle
A few bright spots stood out:
- Ford Pro keeps doing Ford Pro things, generating $1.7 billion in EBIT on $14.7 billion of revenue
- Paid software subscriptions rose 30% year over year to 879,000
- Ford Blue posted $1.9 billion in EBIT, helped by F-Series and Bronco strength
- Ford Credit earned before taxes of $783 million, up $203 million from a year ago
That’s the kind of mix that says the company still has a real money machine under the hood, even if the ride feels bumpy.
But EV losses are still the party crasher
The not-so-fun part: Ford Model e posted a first-quarter EBIT loss of $777 million. So while the legacy truck and commercial businesses are pulling their weight, the EV side is still burning cash like a campfire at a tailgate.
Management also raised full-year adjusted EBIT guidance to $8.5 billion to $10.5 billion, up from $8.0 billion to $10.0 billion. That’s a meaningful signal that the Ford+ turnaround is still gaining traction — but investors seem to be asking for more than a better forecast and a decent quarter.
Why the stock still looks grumpy
Ford shares were already sitting in the lower half of their 52-week range, with the chart still stuck in “repair mode.” So even a strong print may not be enough to flip the vibe overnight. Big picture: the business is showing momentum, but the market wants proof that Ford can turn the EV drag into something less, well, draggy.