Ford 2022 Profit Short of Expectations, Shares Drop 6.56% After Bell
Reuters2023-02-03
DETROIT, Feb 2 (Reuters) - Ford Motor Co on Thursday reported a full-year operating profit that was short of expectations.
The company's 2022 adjusted profit of $10.4 billion was short of the company's forecast at the end of the third quarter for $11.5 billion. Ford shares fell more than 6% in after-market trading.
"We should have done much better last year," Ford CEO Jim Farley said in a statement. “We left about $2 billion in profits on the table that were within our control."
Fourth-quarter revenues climbed to $44 billion, from $37.7 billion the previous year. Net income fell to $1.3 billion, from $12.3 billion in the year-earlier period.
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