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Ford Motor Co. stock fell more than 3% late Thursday after the auto maker swung to a quarterly profit but fell short of what Wall Street had hoped, with sales also well below expectations as it faced “persistent supply-chain disruptions.”
Ford
F,
said it earned $12.3 billion, or $3.03 a share, in the fourth quarter, swinging from a loss of $2.8 billion, or 70 cents a share, in the year-ago quarter. Adjusted for one-time items, Ford said it earned 26 cents a share in the quarter.
Ford sales rose 5% to $37.7 billion.
Analysts polled by FactSet expected the auto maker to report adjusted earnings of 45 cents a share on sales of $41.2 billion.
Customers are seeing how Ford “is taking EVs mainstream,” Chief Executive Jim Farley said in a statement.
Ford has more than 275,000 orders or reservations for its all-electric Mustang Mach-E SUVs, F-150 Lightning pickups and E-Transit commercial vehicles, he said. Ford is “breaking constraints to deliver every one of them as fast as we can.”
Like other auto makers, Ford tried to sidestep chip shortages by allocating the chips on hand to in-demand vehicles such as the Bronco and the Maverick, the company said.
The company ended the quarter with more than $36 billion in cash and $52 billion in liquidity, which both include its investment in Rivian Automotive Inc.
RIVN,
which was valued at $10.6 billion at the end of 2021. At the close of trading on Feb. 2, the value was $6.6 billion
