{"id":1575161,"date":"2022-07-27T17:39:33","date_gmt":"2022-07-27T21:39:33","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1575161"},"modified":"2022-07-27T17:39:41","modified_gmt":"2022-07-27T21:39:41","slug":"upbeat-ford-affirms-full-year-profit-despite-surging-costs","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/upbeat-ford-affirms-full-year-profit-despite-surging-costs\/","title":{"rendered":"Upbeat Ford affirms full-year profit despite surging costs"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fupbeat-ford-affirms-full-year-profit-despite-surging-costs%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1575161&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><img decoding=\"async\" width=\"373\" height=\"210\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/tagreuters.com2022binary_LYNXMPEI6Q0ZA-VIEWIMAGE-373x210-1.jpg\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" alt=\"\" loading=\"lazy\" style=\"float:left; margin:0 15px 15px 0;\" srcset=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/tagreuters.com2022binary_LYNXMPEI6Q0ZA-VIEWIMAGE-373x210-1.jpg 373w, https:\/\/dzm0ugdauank9.cloudfront.net\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2022binary_LYNXMPEI6Q0ZA-VIEWIMAGE-180x101.jpg 180w, https:\/\/dzm0ugdauank9.cloudfront.net\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2022binary_LYNXMPEI6Q0ZA-VIEWIMAGE-260x146.jpg 260w, https:\/\/dzm0ugdauank9.cloudfront.net\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2022binary_LYNXMPEI6Q0ZA-VIEWIMAGE-120x67.jpg 120w\" sizes=\"auto, (max-width: 373px) 100vw, 373px\" \/><\/p>\n<p>By Joseph White and Paul Lienert<\/p>\n<p>DETROIT (Reuters) -Ford Motor Co on Wednesday reported better than expected second-quarter net income and reaffirmed its profit outlook for the year, but said management is \u201cactively looking\u201d at how to offset surging costs.<\/p>\n<p>Ford shares were up 4.8% in after-hours trade.<\/p>\n<p>Results were driven by higher-margin vehicles, partially offset by higher commodity costs and expenses, the company said. Ford said it expects commodity costs to rise by $4 billion for the year. <\/p>\n<p>The automaker said nearly all of its 2022 models, including the new F-150 Lightning, are sold out and dealer traffic remains strong. Wholesale shipments to dealers in the quarter were up 35% from the previous year.<\/p>\n<p>\u201cWe have not seen a slowdown in the industry,\u201d said Chief Financial Officer John Lawler.    <\/p>\n<p>Ford reaffirmed its previous guidance for full-year results, including adjusted earnings before interest and taxes (EBIT) of $11.5 billion to $12.5 billion, up 15% to 25% from last year, and adjusted free cash flow of $5.5 billion to $6.5 billion.<\/p>\n<p>Ford also reiterated its forecast of 10% adjusted EBIT operating margin, including an 8% EBIT margin on its electric vehicles.<\/p>\n<p>Lawler said the automaker is beginning to cut costs across operations, but would not discuss details. \u201cWe\u2019re not currently cost competitive,\u201d he told reporters on a conference call. The company\u2019s goal is to reduce costs by $3 billion over several years, he said.<\/p>\n<p>\u201cWe\u2019re in much better shape now than at any other time heading into a potential recession,\u201d Lawler said.<\/p>\n<p>Profit increased marginally to $667 million, with diluted earnings per share of 16 cents versus 14 cents a year earlier. Adjusted non-GAAP earnings of 68 cents a share beat consensus of 45 cents and last year\u2019s 13 cents.<\/p>\n<p>Adjusted EBIT of $3.7 billion compared with $1.1 billion in the year-ago quarter.<\/p>\n<p>Ford said revenue for the quarter jumped to $40 billion, up sharply from $26.8 billion a year ago when supply-chain problems slashed production. <\/p>\n<p>Lawler said Ford is prepared for \u201csome moderation in pricing\u201d during the second half of the year, but said demand is still outpacing Ford\u2019s ability to keep pace with production.<\/p>\n<p> (Reporting by Joe White and Paul Lienert in DetroitEditing by Chris Reese and Matthew Lewis)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/?attachment_id=2731245\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/tagreuters.com2022binary_LYNXMPEI6Q0ZA-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI6Q0ZA-VIEWIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Joseph White and Paul Lienert DETROIT (Reuters) -Ford Motor Co on Wednesday reported better than expected second-quarter net income and reaffirmed its profit outlook for the year, but said<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1575161","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1575161","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1575161"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1575161\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1575161"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1575161"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1575161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}