Ford Motor Co (NYSE:F) shares are trading lower Thursday after the company announced financial results and reported a net loss, primarily attributable to the company's investment in Rivian Automotive Inc (NASDAQ:RIVN).
Ford said first-quarter revenue declined 5% year-over-year to $34.5 billion, which beat the $31.24 billion estimate, according to data from Benzinga Pro. The company reported quarterly adjusted earnings of 38 cents per share, which beat the estimate of 37 cents per share.
Ford reported a net loss of $3.1 billion stemming from the company's Rivian investment. Ford’s Rivian stake was valued at $5.1 billion on March 31, down from $10.6 billion at the end of 2021.
Ford maintained its full-year 2022 adjusted EBIT guidance, which is expected to be between $11.5 billion and $12.5 billion. The company reaffirmed its commitment to reaching worldwide EV manufacturing capacity of at least 600,000 by the end of 2023.
Related Link: Ford Q1 Earnings Highlights: Revenue And EPS Beat, Valuation Of Rivian Stake Down Sharply, Electric Vehicle Forecast And More
F 52-Week Range: $11.14 - $25.87
The stock was down 5.79% at $13.99 at press time.
Photo: courtesy of Ford.
