Ford switches to first-quarter earnings, but stocks fall

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Ford Motor Co. said Wednesday night that it had one of the best quarters on record, as consumers welcomed their new vehicles and made a profit, but shares fell more than 3% in the extended session. Ford F, -0.48% said it earned $ 3.3 billion, or 81 cents a share, in the first quarter, in contrast to a loss of $ 2 billion, or 50 cents a share, in the prior year quarter. .

Adjusted for unique items, Ford said it earned 89 cents, up from an adjusted loss of 23 cents a share a year ago. Sales increased 6% to $ 36.2 billion, the company said. Analysts surveyed by FactSet expected Ford to report adjusted earnings of 22 cents on sales of $ 36.13 billion. See also: Tesla’s first-quarter sales are up over 70%, but stocks are down Ford’s shares have gained about 132% in the past 12 months, compared to gains of about 46% for the S&P 500 index SPX, -0.08% in the same period.