Ford Motor sees ‘difficult year ahead’
After reporting lower than expected earnings, Ford Motor predicted a difficult year ahead.
It is blaming chip shortages and associated supply chain issues, production "instabilities", which are pushing up costs, and lower-than-expected volumes. It’s stock fell, all-sessions on the IG platform, right out of the gate as earnings per share undershot by some margin at 51 cents, substantially below analysts' expectations of 62 cents a share.
In 2022 overall Ford recorded an adjusted profit of $10.4 billion, shy of its own forecast of $11.5bn.
Ford CFO John Lawler said the company's sales were lower by 100,000 units, equating to about $1 billion in missed earnings.
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