Ford Motor reported a rebound in profit in the first three months of the year, thanks in part to an expected $1.3 billion refund of federal import tariffs that were struck down by the Supreme Court.
The company said it earned $2.5 billion in the first quarter, up from $500 million a year earlier, while revenue climbed 6 percent, to $43.3 billion.
“Ford delivered a solid start to the year,” the company’s chief financial officer, Sherry House, said in a conference call with reporters.
Ms. House added that Ford had raised its profit outlook for the year by $500 million, and now expected earnings before interest and taxes, adjusted for special items, of $8.5 billion to $10.5 billion. Ford expects to pay about $1 billion in U.S. tariffs this year, half of what it previously forecast.
The tariff refund is the result of a February decision by the Supreme Court that found President Trump had exceeded his authority when he imposed tariffs under the International Emergency Economic Powers Act 1977. That law grants the president certain powers in national emergencies. This month, the administration set up a system through which businesses can request refunds.
While the court struck down the emergency powers tariffs, other levies on imported steel, aluminum, automobiles and auto parts remain in place because they were imposed under a different law.
On Tuesday, General Motors said it expected to receive $500 million in tariff refunds. Although the refunds have not yet been paid, both automakers recorded their gains in the first quarter.
Some of the good news on the tariff front will be offset by higher costs elsewhere.
Ms. House said Ford now expected its cost of commodities — for materials such as aluminum and steel — to rise about $2 billion this year, twice the sum it previously expected. Ms. House said the company was experiencing shortages of aluminum even before the U.S.-Israeli war in Iran, and the conflict has raised costs and reduced supplies further.
Ford has struggled to find enough aluminum since last fall when its supply was disrupted by a serious fire at a plant in Oswego, N.Y., owned by Novelis.
Ford said it sold 934,000 cars and light trucks worldwide in the first quarter, a 4 percent decline from a year earlier. Its electric vehicle business lost $777 million, excluding certain items, an improvement from a year earlier, when it lost $849 million.
The automaker made $1.9 billion from the sale of gasoline-powered cars and trucks, and $1.7 billion from its Ford Pro division, which provides vehicles and services to business customers.
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