Big Three automaker Ford (F) is on deck to report first quarter results and reveal any impact President Trump’s auto tariffs will have on its bottom line.
Trump’s 25% tariff on foreign auto imports will likely not hurt Ford as much as its rivals because 80% of Ford vehicles sold in the US are built domestically, but that, coupled with the added pressure of 25% parts tariffs, will pressure Ford’s results going forward.
All eyes will be on Ford’s 2025 profit guidance. The company didn’t pull its guidance when Trump adjusted auto parts tariffs to include some offsets, but CEO Jim Farley is expected to reveal updated metrics on Monday.
Ford’s prior 2025 guidance from its February Q4 report called for adjusted EBIT of $7 billion to $8.5 billion, with adjusted free cash flow of $3.5 billion to $4.5 billion. Ford also saw capital expenditures between $8 billion and $9 billion.
Last week, GM announced it would take a $4 billion to $5 billion tariff hit to its full-year EBIT (earnings before interest and taxes) earnings, with CFO Paul Jacobson adding $2 billion of that would come from importing vehicles into the US and the balance from auto parts imports.
Jacobson said the new parts tariff offset announced by the White House will “help greatly” but would not fully alleviate its non-USMCA (United States-Mexico-Canada Agreement) parts exposure.
Read more: The latest news and updates on Trump’s tariffs
As of 3:38:27 PM EDT. Market Open.
Ford is expected to report revenue of $36.75 billion, per Bloomberg consensus, well below the $42.8 billion reported a year ago. Ford’s adjusted EPS is expected to come in at a loss of $0.04 on adjusted EBIT of $308 million, well below last year’s $2.8 billion. Warranty costs, pricing, and pull forward of purchasing due to tariffs may have hit the bottom line.
As part of its Ford+ plan, Ford divided its business into three units: Ford Blue, for the traditional gas-powered business; Ford Model e, for the electric vehicle division; and Ford Pro, for its commercial and super-duty truck business. Last quarter, Ford reported the following:
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Ford Blue: $27.3 billion in revenue, $1.58 billion in EBIT
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Model e: $1.4 billion in revenue, -$1.38 billion in EBIT
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Ford Pro: $16.2 billion in revenue, $1.62 billion in EBIT
Like GM, Ford saw sales gains in Q1 as customers likely bought ahead of tariffs coming online in April. Though overall sales fell 1.3% to 501,291 units due to rental fleet sale timing and cancellation of the Ford Edge, Ford retail sales jumped 5% in Q1, powered by its truck, SUV, and EV sales.
