Ford’s revenue for the 2024 first quarter was $42.8 billion, up 3% year-over-year even as vehicle shipments declined slightly. The company has increased revenue in each of the past three years and expects to do so again in full-year 2024. Net income for Q1 was $1.3 billion; adjusted earnings before interest and taxes, or EBIT, totaled $2.8 billion.

Operating cash flow in the period was $1.4 billion; adjusted free cash flow was a use of $500 million. Both reflected working capital effects from about 60,000 vehicles that were in inventory at the end of the first quarter but are expected to be shipped in Q2. CFO John Lawler said that the company’s balance sheet remains “rock solid,” with $25 billion in cash and nearly $43 billion in liquidity at quarter-end.