Ford: Report Will Surpass Expectations

By Staff Writer June 18, 2021

Ford Motor Co.. said adjusted earnings before interest and taxes (EBIT) for the second quarter of 2021, which ends in two weeks, will surpass its expectations and be significantly better than a year ago.

The company provided the insight ahead of president and CEO Jim Farley’s participation this afternoon in Deutsche Bank’s Global Auto Industry Conference.

Farley was set to tell conference attendees that Ford is seeing improvement in its automotive business since providing full-year operating guidance on April 28, despite continuing uncertainty about supplies of semiconductors. The improvement in automotive is being driven by lower-than-anticipated costs and favorable market factors. Additionally, higher vehicle auction values are benefitting Ford Credit.

Net income for the second quarter of 2021 is expected to be substantially lower than a year ago, when results included a $3.5 billion gain on Ford’s investment in Argo AI.

Ford plans to announce second-quarter results and provide its outlook for the second half of the year on July 28.

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Last modified on Tuesday, 22 June 2021 17:21