Friday, May 24, 2024

Profits Of Ford Reached $3262 Million

Ford’s profits reached $ 3,262 million. The car firm earned more than 36,000 million in the first three months of the year.

Ford reported this Wednesday that in the first quarter of the year it had net profits of 3,262 million dollars, when in the same period of 2020 it accumulated losses of 1,993 million , thanks to the improvement of its operating costs worldwide.

Ford noted that its adjusted earningsbefore interest and taxes amounted to 4.816 million dollars. In the first quarter of 2020 the car company lost 632 million. Its income in the first three months amounted to 36,228 million dollars, 5.5% more than a year ago.

Of this figure, 33,554 million dollars came from the automobile sector; 2,663 million from Ford Credit, the company’s financial arm; and 11 million from the Mobility unit. At the end of the quarter, Ford had cash of more than $ 31 billion and its combined liquidity stood at more than $ 47 billion.

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For the whole of 2021, Ford improved its outlook for adjusted earnings before interest and taxes to a range of between $ 5.5 billion and $ 6.5 billion, after posting a loss of about $ 2.5 billion from the semiconductor crisis .

Ford CFO John Lawler said the worst of the chip shortage is yet to come, especially after the March fire at a semiconductor production plant in Japan. The company anticipates that the chip supply upgrade will not occur until the second quarter of the year.

After announcing the results, Ford president and CEO Jim Farley said in a statement that the company is relentlessly executing the restructuring plan. “Without question, we are becoming a stronger and more resilient company,” added Farley.

The improvement in Ford’s results at the beginning of 2021 occurs despite the fact that the company lost world market share: it went from 6% to 5.3%, and sold 1,062,000 cars, 6% less.

By region, Ford had revenues of $ 23 billion in North America, $ 400 million in South America, $ 7.1 billion in Europe, $ 800 million in China and $ 2.3 billion in the rest of the world.

North America provided a profit of 2,949 million dollars, Europe 341 million and the rest of the world 201 million. South America lost 73 million and China 15 million dollars.

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