Ford CEO Jim Farley at the company’s Dearborn, Michigan, plant where it’s building the electric F-150 Lightning on April 26, 2022.
CNBC | Michael Wayland
Ford Motor Company said that its adjusted operating income more than tripled from a year ago, to $3.7 billion, as it was able to overcome lingering supply-chain disruptions to deliver more of its hottest new products to customers.
Here are the key numbers.
- Adjusted earnings per share: $0.68, up from $0.12 in the second quarter of 2021. Wall Street analysts polled by Refinitiv had expected $0.45, on average.
- Automotive revenue: $37.91 billion, up from $24.13 billion in the second quarter of 2021. Analysts had expected $34.32 billion, on average, according to Refinitiv.
- Net income: $667 million versus $561 million in the second quarter of 2021.
- Adjusted EBIT margin: 9.3%, versus 3.9% in the second quarter of 2021
Ford’s U.S. sales were up 1.8% in the second quarter from a year ago, powered by an 8% year-over-year increase in sales of Ford-brand SUVs and crossovers as the company was able to build more of the popular models for its U.S. dealers. That was good news for the company’s profit margins, as those incremental SUV sales largely replaced sales of Ford’s now-discontinued, and less-profitable, car models.
Ford’s China sales were down 22% in the second quarter, to about 120,000 vehicles, amid extended government-mandated shutdowns near Shanghai and in other parts of eastern China.
Ford said last week that it has secured 100% of the battery supplies it will need to deliver electric vehicles at a rate of 600,000 per year by the end of 2023, and that it’s on track to build 2 million a year by 2026. But it has yet to share more details about the organizational changes it plans to make on the internal-combustion side, moves that could put thousands of U.S. jobs at risk.