Ford (F) Q4 2022 results: Beats on revenue and misses earnings

Ford (F) released its fourth quarter and full-year 2022 results after market close today, beating on revenue but missing earnings in a disappointing showing.

Ford EV sales and earnings expectations in 2022

Earlier today, we posted a rundown of what you can expect from Ford’s upcoming Q4 earnings results.

After ramping up electric vehicle production throughout the year, Ford sold a record 61,575 units in 2022, up 126% year-over-year (YOY), making it the second largest EV maker in the United States behind Tesla.

The Ford F-150 Lightning is the best-selling EV truck since its launch in May, selling 15,617 units so far (through December 2022).

Ford is also dominating the electric van market with its E-Transit, claiming 73% of the segment selling 6,500 EV vans in 2022. The Mach-E SUV continues building momentum, with sales climbing 45.4% in 2022 to 39,458, making it one of the top-selling EVs of the year.

As for earnings, Wall Street expects Ford to report $0.62 EPS on $40.73 billion in revenue. Estimize is projecting slightly higher at $0.63 EPS and revenue of $41.49 billion.

Gross margins will be another key figure to watch. In Q4 2021, Ford’s gross margins were 10.99%. Earlier this week, Ford slashed prices on its popular Mustang Mach-E as the EV competition heats up.

Ford Q4 2022 financial results

After market close, Ford released its Q4 and full-year earnings results for 2022, slightly beating revenue expectations but missing EPS.

Ford reported $41.8 billion in revenue compared to Wall St. expectations of $40.73 billion. EPS fell to $0.51 compared to estimates of $0.62. Despite the disappointing results, Ford’s CEO Jim Farley believes 2023 will be a “pivotal year” as it rolls out its Ford+ plan.

Farley added that the company left about $2 billion in profits on the table, which should have been in the company’s control.

Altogether Ford posted a full-year net loss of $2 billion in 2022 as higher input costs and lower-than-planned volumes cut into margins. Ford ended the year with $32 billion in cash and $48 billion in liquidity.

The automaker is now organized and will report earnings in three business segments, including its EV unit, Ford Model e, to give a comprehensive overview of the company’s performance.

Ford stock is trending down (-6%) after hours on the results after climbing 22% in 2023 so far.

We’ll keep you updated with important EV news from Ford’s earnings and the conference call that follows. Refresh for the latest information.

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