Ford Motor Co. said Feb. 3 it posted a fourth-quarter profit compared with a year-earlier loss.
The Dearborn, Mich.-based automaker reported a quarterly profit of $12.3 billion, or $3.03 a year, compared with a deficit of $2.8 billion, or 70 cents for the final three months of 2020.
The result included an $8.2 billion gain on its investment in Rivian Automotive Inc., an electric-truck maker, which had an initial public offering last year.
Ford had adjusted earnings before interest and taxes (EBIT) of about $2 billion in the quarter, up from $1.7 billion a year earlier. The company’s North American auto operations generated EBIT of $1.8 billion.
On a per-share basis, the adjusted earnings were 26 cents a share. That was lower than analyst estimates of 45 cents, according to CNBC.
Revenue for the quarter totaled $37.7 billion, up from $36 billion in the year-earlier period.
Ford, like other automakers, is dealing with a global shortage of semiconductors. The company also is trying to maximize profit from pickups and SUVs as it invests in electric vehicles.
“Our team did a fantastic job working with partners to maximize component availability,” John Lawler, Ford’s CFO, said in a statement.
Lawler said Ford benefited from higher vehicle prices and lower warranty costs during 2020.For the full year, Ford had net income of $17.9 billion, or $4.45 a share, compared with a 2020 loss of $1.3 billion, or 32 cents. Full-year revenue totaled $136.3 billion up from $127.1 billion in 2020.
Adjusted EBIT for 2021 was $10 billion in 2021, up from $2.5 billion the year before.
The company forecast 2022 EBIT of $11.5 billion to $12.5 billion.
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