Ford Motor Co. on Thursday forecast its 2022 operating profit would rise as much as 25 per cent, driven by North American demand and a strong vehicle pricing environment.
Ford reported an operating profit of US$10-billion, and an operating margin of 7.3 per cent for the year. Full-year net income of US$17.9-billion included a gain on its investment in electric vehicle maker Rivian Automotive Inc.
Fourth-quarter net income was US$12.3-billion. Adjusted earnings before interest and taxes was US$2.0-billion.
The company said a strong mix of high-margin vehicles and higher pricing as well as lower warranty costs helped offset higher commodity costs and production losses from semi-conductor shortages and supply-chain disruptions.
In 2022, Ford expects full-year adjusted EBIT to be US$11.5-billion to US$12.5-billion.
Ford shares closed down 3.6 per cent at US$19.89 on Thursday and dropped as low as 4.7 per cent after hours to US$18.96.
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