American carmaker Ford Motor reported Q4 earnings on Thursday with revenues of $37.7bn, up 5% YoY and net income of $12.3bn vs. a net loss of $2.8bn in Q4 2020. The net income included an $8.2bn gain on its investment in EV startup Rivian Automotive; adjusting for it and other items such as taxes, adjusted net income stood at $2bn. The company however missed analyst estimates on automotive revenues of $35.3bn vs. $35.5bn expected and on adjusted EPS of $0.26 vs. $0.45 expected. In terms of regions, North American operations contributed the lion’s share to earnings, up 68% YoY to $1.8bn. International markets however included losses of $150mn and $159mn from China and Europe, down 130% and 139% YoY respectively. For the full year, revenues stood at $136.3bn, up 7.2% YoY with an adjusted EBIT of $10bn, up 4x YoY. In terms of guidance for 2022, Ford expects an adjusted EBIT of $11.5-12.5bn, up 15-25% vs. 2021 and wholesale volumes are expected to grow 10-15%, up from 10% earlier. The company did warn of supply chain constraints, in line with other carmakers, and warned of commodity headwinds of $1.5-2.0bn.

Ford’s 3.25% 2032s traded 1.7 points lower to 95.64 yielding 3.78% currently.

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