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Ford posts surprise $3.26B 1Q profit; chip shortage looms

Ford Motor Company looking to eliminate 'new car smell' in vehicles
Posted at 5:04 PM, Apr 28, 2021
and last updated 2021-04-28 17:04:28-04

DETROIT (AP) — Ford Motor Co. says it made $3.26 billion in the first quarter, helped by rising vehicle prices and in spite of production cuts due to a global shortage of computer chips.

The earnings reversed a nearly $2 billion net loss from a year ago, when Ford burned through cash at the start of the coronavirus pandemic. Excluding non-recurring items, the Dearborn, Michigan, automaker made 89 cents per share from January through March.

That trounced Wall Street estimates of 22 cents per share. Quarterly revenue was $36.23 billion, beating analysts' estimates of $36.13 billion. But the chip shortage likely will make things worse later in the year.