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• Ford slightly missed on revenue as it posted $35.3 billion, compared to analysts’ expectations of $35.5 billion
• The automaker reported international losses of $150 million in China
On Thursday, Ford Motor (NYSE: F) missed fourth-quarter earnings expectations. Its shares tumbled more than 6% in after-after trading
Shares closed at $19.89 a share, down by 3.6%.
Ford slightly missed on revenue as it posted $35.3 billion, compared to analysts’ expectations of $35.5 billion, according to Refinitiv.
During a call, Ford CFO John Lawler said that the company missed production targets due to the ongoing supply chain problems and semiconductor shortage.
Compared to the previous year, Ford’s North American operations were up by 68% to $1.8 billion in the quarter.
The automaker reported international losses of $150 million in China, which is down 130% and $159 million Europe, a decline of 139%.
Ford's net income increased to $12.3 billion profit in the quarter compared to $2.8 billion loss in the same quarter in 2020.
Ford’s electric vehicle startup Rivian contributed a gain of $8.2 billion. Ford owns about 12% of Rivian.
Adjusted earnings of Ford was $2.0 billion for the fourth quarter.
Outlook for 2022
Ford estimates to earn between $11.5 billion and $12.5 billion in adjusted pretax profits in 2022, up 15% to 25% over 2021.
Ford also expects to generate between $5.5 billion to $6.5 billion in adjusted free cash flow.
Lawler said, “We’re bullish on 2022 even with persistent supply chain uncertainties that again illustrate the growing strength of our underlying business.”
As the chip shortage is expected to fade away in this year, automakers are optimistic about their performance. Ford and several other automakers had to shut down plants temporarily due to a shortage of semiconductor chips.
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