Ford Motor Co. said Wednesday its third-quarter profit declined from a year earlier amid the semiconductor shortage while promising better days ahead.
The Dearborn, Mich.-based automaker said its third quarter profit totaled $1.8 billion, or 45 cents a share, compared with $2.4 billion, or 60 cents a share, a year earlier.
Revenue for the quarter totaled $35.7 million, about the same as a year ago.
Ford, like other automakers is dealing with computer chip shortages. The shortages have spurred automakers to implement temporary plant shortages and reduce production.
“Semiconductor availability remains a challenge, but markedly improved from the second quarter,” Ford said in its earnings statement.
The company emphasized how results improved from the second quarter. Typically, companies compare their results against year-earlier results.
“Ford’s revenue, net income, adjusted earnings before interest and taxes, cash flow from operations, and adjusted free cash flow were all sharply higher from the second to the third quarter of 2021,” the automaker said in its earnings statement.
Ford CEO Jim Farley, in a statement, emphasized how the future will be better than the present.
“This is the most exciting Ford lineup I’ve seen, but what matters is that customers love our new products and services – and we’re just getting started,” Farley said in his statement.
The automaker said it is raising its forecast for full-year earnings before interest and taxes (EBIT) to between $10.5 billion to $11.5 billion.
Ford did not issue a forecast for 2022. The company said it “typically does not provide next-year financial guidance in October and won’t do so at this point for 2022.”
The company also said its board of directors approved reinstating Ford's stock dividend. The fourth-quarter dividend of 10 cents a share on outstanding common and Class B stock will be paid on Dec. 1 to shareholders of record on Nov. 19.
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