Shares of Ford Motor Company (NYSE:F) declined about 3% in premarket trading on Thursday, even after the company reported first-quarter results that beat Wall Street expectations and raised its full-year guidance.
The automaker posted adjusted earnings per share of $0.66, well above the analyst consensus of $0.19. Revenue came in at $43.3 billion, up 6% year-over-year and slightly ahead of the $42.96 billion estimate.
Results included a one-time $1.3 billion benefit tied to IEEPA tariffs, reflecting payments made between March 2025 and February 2026. This gain primarily supported the Ford Blue and Ford Pro divisions. Adjusted EBIT reached $3.5 billion, compared with $1.0 billion in the same quarter last year.
Despite the strong performance, the stock reaction suggested investors may have been expecting a more aggressive upgrade to the company’s outlook.
Ford increased its full-year adjusted EBIT forecast to a range of $8.5 billion to $10.5 billion, up from the previous $8.0 billion to $10.0 billion. The midpoint of $9.5 billion stands above the $8.9 billion consensus estimate. The company maintained its guidance for adjusted free cash flow at $5.0 billion to $6.0 billion and capital expenditures between $9.5 billion and $10.5 billion.
Strength across Ford’s operations “drove upside to ’26 targets, albeit to a lesser extent implied in the 1Q beat,” analysts at Morgan Stanley said.
Ford Pro delivered EBIT of $1.7 billion on revenue of $14.7 billion, with an 11.4% margin. Ford Blue generated $1.9 billion in EBIT on $23.9 billion in revenue, supported by strong performance from the F-Series, Bronco, and double-digit sales growth in the Explorer and Expedition models. Meanwhile, Ford Model e recorded a first-quarter EBIT loss of $777 million.
“Our strong first-quarter results and raised full-year guidance reflect the momentum of the Ford+ plan,” said CEO Jim Farley. “We built the foundation for a more modern, resilient Ford, improving cost and quality and building our world-class team.”
The company also declared a regular dividend of $0.15 per share for the second quarter, payable on June 1 to shareholders on record as of May 12.