Ford earnings are out — here are the numbers

DETROIT — Ford Motor reported earnings after the bell. Here are the results.

Earnings per share: 49 cents adjusted vs. 42 cents adjusted expected by LSEGAutomotive revenue: $39.89 billion vs. $40.10 billion expected by LSEG

Ford's first-quarter 2023 results included $39.09 billion in revenue; net income of $1.8 billion, or 44 cents per share; and adjusted earnings before interest and taxes of $3.38 billion.

The automaker's 2024 guidance released in February included adjusted earnings before interest and taxes, or EBIT, of between $10 billion and $12 billion; adjusted free cash flow of $6 billion to $7 billion; and capital spending of $8 billion to $9.5 billion.

There is less consensus on Wall Street around Ford's performance than there was for its crosstown rival General Motors, which on Tuesday reported strong first-quarter results and raised its full-year guidance. Ford is Morgan Stanley's "top pick," but others on Wall Street are less bullish on the company.

"While we do like Ford relative to suppliers, we also continue to prefer GM relative to [Ford]," UBS analyst Joseph Spak said in an investor note earlier this month.

Ford has faced years of inflated warranty costs, including $1.9 billion in 2023, which have affected its earnings. The company last year said it has a $7 billion to $8 billion annual disadvantage compared to traditional rivals due to production costs, quality issues and other operational inefficiencies.

Investors will be watching for improvements in those areas as well as progress in CEO Jim Farley's "Ford+" restructuring plan, which was first announced in 2021, and any additional updates or delays to its all-electric vehicle plans.

— CNBC's Michael Bloom contributed to this report.

This is a developing story. Please check back for updates.