© Reuters. FILE PHOTO: The Ford logo is seen at the North American International Auto Show in Detroit, Michigan, U.S., January 15, 2019. REUTERS/Brendan McDermid
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DETROIT (Reuters) -Ford Motor Co on Wednesday maintained its profit forecast for the year, citing strong pricing for its vehicles.
The automaker reported better-than-expected results in the first quarter, with adjusted earnings before interest and taxes of $2.3 billion. A markdown in the value of its stake in electric vehicle maker Rivian resulted in a net loss of $3.1 billion.
Ford shares were up 3.5% at $15.30 in after-hours trading.
The automaker’s first-quarter operating profit of 38 cents a share beat analysts’ estimates by a penny. Revenue of $34.5 billion also topped estimates of $31.1 billion.
Ford said it still expects $11.5 billion to $12.5 billion in operating earnings for the full year, despite the war in Ukraine, supply-chain disruptions, inflation and rising U.S. interest rates which have hit the industry.
The company also said it expects strong pricing to remain in effect, improved availability of semiconductors in the second half of the year, and wholesale volume growth of 10% to 15%.
Despite continued supply-chain issues, Ford said it was able to boost production “significantly” in March. It shipped nearly 970,000 vehicles in the quarter, down 9% from a year ago.
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