June 17, 2021 – Ford said adjusted earnings before interest and taxes for the second quarter of 2021, which ends in two weeks, will surpass its expectations and be significantly better than a year ago.
The company provided insight ahead of President and CEO Jim Farley’s participation this afternoon in Deutsche Bank’s Global Auto Industry Conference.
Farley will tell conference attendees that Ford is seeing improvement in its automotive business since providing full-year operating guidance on April 28, despite continuing uncertainty about supplies of semiconductors.
The improvement in automotive is being driven by lower-than-anticipated costs and favourable market factors. Additionally, higher vehicle auction values are benefitting Ford Credit.
Net income for the second quarter of 2021 is expected to be substantially lower than a year ago when results included a $3.5 billion gain on Ford’s investment in Argo AI. Ford plans to announce second-quarter results and provide its outlook for the second half of the year on July 28.
At the Deutsche Bank event, Farley will provide an update on progress against the Ford+ plan for growth and value creation. Ford+ is based on developing “always-on” customer relationships through strategic investments and leadership in electric vehicles, commercial vehicles and services, connected services, autonomous vehicles and mobility.
“We’re providing customers with great value today and there’s much more on the way, because we’re executing Ford+ from strength – with iconic nameplates and leading positions with retail and commercial customers around the world, and the best financing company in our industry in Ford Credit,” said Farley.
The appeal of Ford and its influential products is evident in customer-reservation numbers for new, strategically important vehicles. Farley will report that reservations have swelled to 190,000 for the reimagined full-size Bronco SUV, which is now in production – 125,000 of which have already been converted to orders; 100,000 for the battery-electric F-150 Lightning pickup; 36,000 for the all-new Maverick compact pickup, just a week after it was introduced to the world; and 20,000 for the all-electric E-Transit commercial van.