BUSINESS Ford reports Q2 results with profit up 19 percent

BUSINESS

Ford reports Q2 results with profit up 19 percent

Xinhua

08:42, July 28, 2022

File photo: Xinhua

CHICAGO, July 27 (Xinhua) -- Ford Motor Co. on Wednesday reported a net income of 667 million U.S. dollars for the second quarter this year, an increase of roughly 19 percent from the same period of 2021.

The company posted a revenue of 40.2 billion dollars for the second quarter.

Ford's adjusted earnings before interest and taxes (EBIT) were at 3.7 billion dollars in the second quarter, up from 1.1 billion dollars in the same period of 2021; the operating cash flow were at 2.9 billion dollars, and adjusted free cash flow were at 3.6 billion dollars.

The Dearborn, Michigan-based automaker raises quarterly dividend to 15 cents per share.

Ford affirmed its 2022 full-year guidance of 11.5 billion dollars to 12.5 billion dollars in EBIT, up 15 percent to 25 percent from 2021; and adjusted free cash flow of 5.5 billion dollars to 6.5 billion dollars.

On Tuesday, General Motors Co. announced that its net income attributable to stockholders reached 1.692 billion dollars in the second quarter of this year, down 40 percent from the same period of 2021.

Nevertheless, the U.S. automaker generated 35.759 billion dollars in revenue in the second quarter, up from 34.167 billion dollars in the same period of 2021.

GM reported 2.343 billion dollars in EBIT in the second quarter, down from 4.117 billion dollars year on year. The Detroit-based automaker's dealer inventory in the United States is around 250,000 units, representing a 10- to 15-day supply.

In North America, GM reported an adjusted EBIT at 2.3 billion dollars, down 600 million dollars year on year.

GM reported 100-million-dollar equity loss in China in the second quarter, despite a recovery perceived in June.

GM still reaffirmed its full-year guidance of a net income between 9.6 billion and 11.2 billion dollars, and adjusted EBIT between 13 billion and 15 billion dollars. GM executives are expecting to see improvements in production and deliveries in the second half of the year.

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