(Ford) Ford announced a net income of $12.3 billion in the fourth quarter of 2021, up from a loss of $2.8 billion reported in the prior year.
EBIT was reported at $2.0 billion in the fourth quarter, while EBIT for FY21 was $10 billion.
The automaker’s revenues were reported at $377 billion in the fourth quarter, up 5% from the prior year. In FY21, revenues rose to $136.3 billion, from $127.1 billion in the prior year.
Ford’s automotive revenue was reported at $35.3 billion in the fourth quarter, missing estimates of $35.5 billion.
The company’s $0.26 cents per share in the fourth quarter, missed the expected $0.45 per share and were below $0.34 per share in the prior year’s quarter. FY21 EPS was $1.59, up from $0.36 in the prior year.
The automaker said that its North American operations comprised the most of the company’s earnings, with a gain of 68% from the prior year to $1.8 billion. The company reported international losses of $150 million in China and $159 million in Europe.
Ford now projects a FY22 EBIT of between $11.5 billion to $12.5 billion, up 15% to 25% from FY21.
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