Ford Motor Company posted a rebound in the last three months of 2021, which the firm seeks to sustain this year, according to a regulatory filing.
- Fourth-quarter net income stood at $12.3 billion, up $15.1 billion from the $2.8-billion loss the previous year. Earnings per share jumped by $3.73 to $3.03 from the loss per share of $0.70 the past year.
- Revenue for the quarter stood at $37.7 billion, up by 5% from the $36.0 billion the same quarter in 2020. The company said customers ordered and reserved over 275,000 units of its electric vehicles.
- Ford expects its adjusted EBIT between $11.5 billion to $12.5 billion in 2022, reflecting a 15% to 25% increase from the $10 billion recorded last year. Adjusted EBIT range indicates a margin of 8%, which would be a year ahead of target if achieved.
- Full-year net income jumped by $19.2 billion to $17.9 billion from the net loss of $1.3 billion in 2020, while earnings per share grew to $4.45 from -$0.32. Revenues climbed by 7% to $136.3 billion from $127.1 billion.
President and Chief Executive Jim Farley earlier said the company targets to double worldwide EV manufacturing capacity to at least 600,000 by 2023. F is down 6.79% premarket.