Revenue for the quarter rose 5% to $37.7 billion.
For the full year, the automaker reported net profit of $17.9 billion, up from the $1.3 billion loss it suffered in 2020, the first year of the pandemic. of coronavirus. It posted 2021 adjusted EBIT of $10 billion, about four times its 2020 earnings on that basis and in line with its estimates after it reclassified a Rivian investment gain in the first quarter. Coupled with an EBIT margin of 7.3%, Chief Financial Officer John Lawler said it was Ford’s best performance since 2016.
Ford’s annual profits included a profit of $7.4 billion in North America. Under his contract with the UAW, the workers will receive profit-sharing checks averaging $7,377 in the coming weeks. Performance in North America was Ford’s best since 2017.
The automaker lost money in all other regions except the International Markets Group, where it gained $622 million.
Ford on Thursday forecast its adjusted EBIT to grow between 15% and 25% in 2022, to a range of $11.5 billion to $12.5 billion. He expects volumes to increase between 10 and 15%.
Chief Financial Officer John Lawler said the high end of this EBIT range would imply an adjusted EBIT margin of 8%, of which 10% is in North America. If Ford achieved that goal, it would be a year ahead of schedule.
Ford shares slid 4.5% to $18.99 in after-hours trading.
Lawler attributed Wall Street’s lukewarm response to disappointment that his volumes weren’t higher.
“Some thought we could do a lot better on volumes,” he said. “But due to the supply constraints we realized due to omicron and semiconductor shortages, we were unable to exceed the volumes we had guided.”
Still, he said the company was in a strong position.
“Look where we are heading in 2022,” he said. “It shows the strength and dynamism of the company.”