Ford Reports First Quarter Profits

Ford Motor Company announced on Tuesday that it recorded a 20% increase in first-quarter revenue, as the easing of supply chain disruptions allowed it to better meet strong demand for its trucks and SUVs. The company provided detailed financial results for its "Ford Blue," "Ford Pro," and Model E units for the first time. Ford Blue's sales before interest and taxes doubled to $2.56 billion, while Ford Pro's sales before interest and taxes tripled to $1.4 billion. However, the company lost over $60,000 on each electric vehicle sold in the first quarter. Ford's profits for the first quarter reached $1.8 billion, or 44 cents per share, compared to a loss of $3.1 billion, or 78 cents per share, a year ago. The company stated that its revenue for the quarter ending in March was $41.5 billion, up from $34.5 billion a year earlier.