11:56 AM EDT, 04/25/2024 (MT Newswires) -- Ford's (F) Q1 beat was driven by solid volume growth in the company's Pro segment as well as lower losses in Model E, BofA Securities said in a note to clients on Thursday.

However, Blue "partially worked as an offset due to the timing of 60K F-150s held in inventory," the investment firm said.

The carmaker reported Q1 adjusted earnings Wednesday of $0.49 per diluted share, down from $0.63 a year earlier. Analysts surveyed by Capital IQ expected $0.44. Revenue for the quarter was $42.78 billion, up from $41.47 billion a year earlier. Analysts expected $41.47 billion.

The company's management "painted a positive picture for Ford as strength in its core truck market continues. Demand for Pro remains high and, in the priority pecking order, it sits atop when resources are allocated," BofA said.

"New Pro products are expected to launch in 2H in Europe, which may impact volumes in 3Q due to changeovers and launch

activity. Blue segment results were softer in 1Q due to the delayed shipment of 60K F-150s, which the company aims to ship and be recognized in 2Q," the note said.

Meanwhile, Ford also "highlighted the challenging EV market conditions as demand is weak and the EV market is experiencing significant pricing pressures, challenging profits. Management sees better volumes going forward but pricing pressure remains material so there is a hyper focus on cost," BofA said.

The investment firm reiterated its buy rating on Ford and kept the $21 price target.

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