TkLm
2021-06-18
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Ford says second quarter earnings will 'surpass expectations'
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Supply constraints due to parts problem have led to higher vehicle prices and profits.\nFord's comments come a day afterGeneral Motorssaid it expects adjusted pretax earnings of $8.5 billion to $9.5 billionduring the first half of the year, up from an estimated $5.5 billion.\nIn April, Ford forecasted its full-year adjusted pretax profit to be between $5.5 billion and $6.5 billion, including an adverse effect of about $2.5 billion from the semiconductor issue. Adjusted free cash flow for the full year was projected to be $500 million to $1.5 billion.\nFord said net income for the second quarter is expected to be substantially lower than a year ago, when results included a $3.5 billion gain in an investment in its self-driving Argo AI unit with Volkswagen. 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