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Revenue rose 50 percent year over year to $40.2 billion, the company said Wednesday after the U.S. stock market closed. The bottom line is that Ford earned $667 million, about 19 percent more than a year ago. However, the new revision of the value of shares in the electric car developer Rivian, which came under great pressure on the stock market, took into account the results as in the previous quarter. Adjusted operating profit increased to $3.7 billion from $1.1 billion.
Analysts had expected weaker numbers. Ford shares rose 6.07 percent to $13.99 on the NYSE on Thursday.
Despite ongoing supply issues, rising material costs and ongoing shortages of critical components such as computer chips, Ford affirmed its full-year earnings guidance. However, management is “struggling” to find ways to cover billions in additional costs, according to the annual report.
Ford again made money almost exclusively in its home market of North America, where demand for SUVs and pickup trucks with high profit margins is strong. In Europe there was at least a black number, even if the profit was only ten million dollars. Ford was losing in China, where the Covid lockdown was making business difficult.
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