© davslens | Dreamstime.com
Dreamstime Xxl 257983842

Ford Shares Fall as Q4 Profits Lag Estimates

Feb. 2, 2023
The fourth quarter profits pushed Ford to a $2.0 billion loss for all of 2022.

Ford reported an annual loss Thursday following disappointing fourth-quarter earnings that reflected what it called execution problems that marred performance.

"We should have done much better last year," said Ford Chief Executive Jim Farley. "We left about $2 billion in profits on the table that were within our control, and we're going to correct that with improved execution and performance."

Farley did not elaborate on the problems. Automakers have struggled with supply chain problems over the last year in the wake of pandemic-related shortages of semiconductors and other vital parts that have crimped output.

Ford reported profits of $1.3 billion in the quarter ending December 31, much below the $12.3 billion in year-ago period boosted by an accounting gain for Ford's stake in Rivian.

Revenues were up 16.7% to $44 billion.

The fourth quarter profits -- which lagged below the company's prior projection -- pushed Ford to a $2.0 billion loss for all of 2022, compared with profits of $17.9 billion in the prior year.

Like rivals such as General Motors, Ford has invested heavily in electric vehicles, unveiling emission-free versions of best selling autos like the F-series pickup truck.

The company has designated its legacy internal combustion autos into its "Ford Blue" division.

The U.S. automaker projected adjusted earnings before interest and taxes of between $9 and $11 billion, compared with the 2022 level of $10.4 billion.

Shares of Ford fell 5.9% to $13.47 in after-hours trading.

Copyright 2023, Agence France-Presse

Popular Sponsored Recommendations

3D Printing a More Efficient Factory Floor

Nov. 16, 2023
Today’s additive manufacturing platforms make it simple to print a wide range of high-performing industrial parts as soon as possible and right where you need them — unlocking...

Digitally Transforming Data and Processes With Product Lifecycle Management

Oct. 29, 2023
Manufacturers face increasing challenges in product development as they strive to consistently deliver improved results. Discover how industry leaders are improving time-to-market...

Food and Beverage 2024 Trends and Outlook for North America

Oct. 29, 2023
Ready to hear what 200 of your peers said are the top challenges and opportunities in 2024? Don’t fall behind. Uncover actionable insights to better prepare for 2024 in this whitepaper...

What Does Agility Look Like for Today's Auto Industry?

Dec. 4, 2023
Without modern technologies, enterprises aren't able to fully analyze the risks and respond to ongoing supply chain issues and semiconductor shortages.

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!