FILE PHOTO: A man stands near the Ford logo during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. REUTERS/Aly Song/File Photo
February 3, 2022
DETROIT (Reuters) -Ford Motor Co on Thursday forecast its 2022 operating profit would rise as much as 25%, driven by North American demand and a strong vehicle pricing environment.
Ford reported an operating profit of $10 billion, and an operating margin of 7.3% for the year. Full-year net income of $17.9 billion included a gain on its investment in electric vehicle maker Rivian Automotive Inc.
Fourth-quarter net income was $12.3 billion. Adjusted earnings before interest and taxes was $2.0 billion.
The company said a strong mix of high-margin vehicles and higher pricing as well as lower warranty costs helped offset higher commodity costs and production losses from semiconductor shortages and supply-chain disruptions.
In 2022, Ford expects full-year adjusted EBIT to be $11.5 billion to $12.5 billion.
Ford shares closed down 3.6% at $19.89 on Thursday and dropped as low as 4.7% after hours to $18.96.
(Reporting by Paul Lienert and Ben Klayman in DetroitEditing by Matthew Lewis)
Source: One America News Network
