DETROIT — Ford Motor Co. on Wednesday posted its highest first-quarter net income in a decade but said it could lose half of planned production in the second quarter because of the semiconductor shortage that has halted some high-profit assembly lines, according to a report by Automotive News.
The automaker said it earned $3.3 billion from January through March as it recovered from the coronavirus pandemic that hammered the company with a $2 billion net loss a year earlier.
Adjusted earnings before interest and taxes rose to $4.8 billion in the first quarter from a $600 million loss in the same period a year earlier. Its adjusted margin rose to 13.3%.
Revenue jumped to $36.2 billion from $34.3 billion in the first quarter of 2020.
The automaker made $1.15 billion in the first quarter of 2019 – the last comparable time before the pandemic.
“The first quarter of the year really defies an easy explanation or a pithy sound bite, but if I had to sum it up one way, it would be this: we’re executing on our plan and I’m excited to say Ford is becoming a stronger, more resilient company,” CEO Jim Farley said on a call with journalists.
Still, he noted there was “more white water moments ahead for us to navigate,” noting the chip crisis would “get worse before it gets better.”