Ford, preparing to slash thousands of staffers to help fund its electric-vehicle future, reported second-quarter earnings that beat Wall Street estimates, as sales grew and car prices increased.
Ford Motor Co., preparing to slash thousands of staffers to help fund its electric-vehicle future, reported second-quarter earnings that beat Wall Street estimates, as sales grew and car prices increased. Its shares soared more than 5 per cent in aftermarket trading.
Ford also reiterated its 2022 earnings guidance of US$11.5 billion to US$12.5 billion before interest and taxes. That would represent a gain of 15 per cent to 25 per cent over 2021’s profit. In another sign of confidence, the company raised its quarterly dividend by 50 per cent to 15 cents a share. During the second quarter, the automaker bucked an industrywide decline by nudging up US sales by 1.8 per cent. Ford’s automotive revenue in the period soared to US$37.9 billion, beating the US$34.5 billion analysts expected, as vehicle prices increased.
Those lofty prices may not last as a bottleneck on semiconductor supplies eases and inventories recover. Lawler said Ford expects to see a “moderation in pricing” as vehicle availability increases from the current paltry 14-day supply. Ford’s home market operations in North America continued to drive performance, with earnings before interest and taxes of US$3.27 billion, a huge gain from the US$192 million last year.
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