Ford has posted impressive profit and revenue figures for the second quarter and expects to continue its success through Q3 and Q4.
The car manufacturer’s revenue climbed from $26.8 billion in Q2 2021 to $40.2 billion last quarter. Furthermore, revenue from vehicle sales jumped by a massive 57 percent to $37.9 billion, due in part to higher prices and a 35 percent increase in the number of vehicles that Ford sold to its dealers and distributors.
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Ford also reported $2.9 billion in operating cash flow and an adjusted free cash flow of $3.6 billion. Company net income was $667 million which included a mark-to-market loss on Ford’s stake in Rivian. Ford ended the quarter with $29 billion in cash and $45 billion in total liquidity.
“We’re moving with purpose and speed into the most promising period for growth in Ford’s history – to innovate and deliver great products and connected services, raise quality and lower costs,” Ford chief executive Jim Farley said. “We’re giving customers great experiences and value, improving our profitability and making Ford the next-generation transportation leader.”
Looking forward, chief financial officer John Lawler said the company’s full-year 2022 outlook indicates adjusted EBIT of between $11.5 billion and $12.5 billion, representing a 15 percent to 25 percent increase from last year. Adjusted free cash flow is also tipped to swell from $5.5 billion to $6.5 billion.
Separately, Ford said it continues to move forward with its EV commitments, noting that demand for the Mustang Mach-E, F-150 Lightning, and E-Transit all remain high. This comes shortly after the automaker announced a series of agreements that will ensure it has the battery and raw materials needed to be producing 600,000 EVs by late 2023 and more than 2 million units by the end of 2026.