Ford’s quarterly figures fell short of expectations.
(Photo: AP)
Dearborn The second largest US automaker Ford is still struggling in view of the chip crisis and global supply chain problems. For the three months ended December, Ford posted adjusted operating profit of $2.0 billion, below market expectations, according to a release Thursday. The stock fell nearly 5 percent in after-hours trading. A year ago, Ford was still suffering badly from the corona crisis and only earned $ 1.7 billion. The company increased sales by five percent to $37.7 billion.
For full-year 2021, Ford made a net profit of $17.9 billion after the pandemic left it in the red the previous year. The balance sheet also benefited greatly from a special proceeds of over eight billion dollars from a stake in the electric car manufacturer Rivian, which went public in November. But adjusted operating income also increased by $7.5 billion to $10.0 billion. Revenues grew 7 percent over the year to $136.3 billion. Ford’s European operations made an annual operating loss of $154 million.
More: Ford is apparently investing up to an additional $20 billion in electric cars
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