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Ford Quarterly Profit Rises

Bill Koenig
By Bill Koenig Senior Editor, SME Media

Ford Motor Co. on July 27 reported a slightly higher second-quarter profit.

Dearborn, Mich.-based Ford posted a quarterly net income of $667 million, or 14 cents a share, up from $561 million, or 16 cents, during the same period in 2021. Quarterly revenue surged to $40.2 billion from $26.8 billion a year earlier.

Ford’s adjusted earnings before interest and taxes (EBIT) rose to $3.7 billion, or 68 cents a share, for the quarter, up from $1.1 billion, or 13 cents, a year earlier.

On that basis, analysts had forecast Ford to generate adjusted EBIT of 45 cents a share, according to CNBC.

Ford also increased its quarterly dividend to 15 cents a share, matching what it paid before the COVID-19 pandemic.

The company is splitting its automotive operations into Ford e, which will develop new electric vehicles, and Ford Blue, the automaker’s traditional internal combustion engine, or ICE, business. CEO Jim Farley will supervise Ford e.

“We’re moving with purpose and speed into the most promising period for growth in Ford’s history,” Farley said in a statement.

The company is looking to Ford Blue to generate profits to help finance its EV efforts. But executives say Ford e may develop technology that will assist Ford Blue. Meanwhile, Ford leadership is looking to cut $3 billion in costs, most o which will come from Ford Blue.

Ford affirmed its full-year forecast for adjusted EBIT of $11.5 billion to $12.5 billion.

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