directors Ford On Wednesday, they expressed their optimism about the future of the company. Record net profit of $667 million in the second quarter of the year, 18.9% more It’s more than the same period in 2021, above what analysts expected. Ford said the improvement in results from the previous year came after sharply rising auto prices, driving the company’s revenue this quarter by 50 percent to $40.19 billion. .2% increase. In addition, Ford’s sales in the United States increased 1.8% in the second quarter. And despite the chip shortage problems, it managed to produce more SUVs and pickup trucks than last year.
But second-quarter results, reflecting a $2.4 billion loss in the value of Rivian stock, not enough to make up for the losses of the first three months of the year. In the first half of 2022, Ford lost $2,443 million compared to a net profit of $3,823 million from January to June 2021.
The automaker’s revenue in the first half of the year was $74,666 million, up 18.5 percent. Adjusted earnings before interest and taxes (EBIT) were $6,048 million (up 21.8%) in the first 6 months and $3,722 million (up 253.4%) in the second quarter of 2022.
Ford said that by region, North America had an EBIT of $4.86 billion in the first half of the year on revenue of $51.4 billion. In South America, EBIT was $154 million and revenue was $1.3 billion, while in Europe first half EBIT was $217 million and revenue was $12.7 billion. In China, Ford made a loss of $174 million on $1 billion in revenue. Finally, EBIT for the rest of the world was $156 million and revenue was $3,700 million.
Ford reiterated its guidance for the year as a whole, with an EBIT of $11.5 billion to $12.5 billion representing a 15% to 25% increase over 2021. The company also announced that it will pay dividends in the third quarter. 15 cents per share.
Ford CEO Jim Farley, in a conference call with analysts and the media after the results were announced, Satisfaction with the company’s second quarter performance. “The Ford team delivered a very strong second-quarter result in a challenging environment with supply chain issues, new adverse economic conditions and global uncertainty,” Farley said.
Farley gave analysts an update on Ford’s restructuring plan, which splits the company into three divisions: Model e for electric vehicle (EV) production; Ford Blue, which maintains internal combustion engine cars; and Ford Pro for commercial vehicle customers. The CEO expressed the huge economic opportunity represented by new electric vehicles, saying that Ford is not investing in EVs but in “digital products” that will outlast existing cars, “because there will be no need to update the body because they are software tools.” we can do a lot (via software) to change it… The main thing we have to solve is the cost of the batteries,” he added.