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DETROIT — Ford Motor Co. made $1.76 billion last quarter, swinging into the black from a $3.1 billion net loss for the same period a year ago.
(The first-quarter loss last year was due mainly to a drop in valuation of Ford’s investment in electric vehicle
Excluding one-time items, Ford made 44 cents per share. That beat Wall Street estimates of 42 cents, according to FactSet.
Revenue rose 20% to $41.74 billion, soundly beating the $39.25 billion that analysts expected.
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’s commercial vehicle unit added $1.37 billion to the pretax profits. Ford lost more than $60,000 per electric vehicle sold in the first quarter. Its combustion-vehicle business, Ford Blue, averaged pretax profit of $3,715 a vehicle, while the Ford Pro commercial business earned $4,053 per vehicle, based on the company’s financial data