Ford said today adjusted earnings before interest and taxes (EBIT) 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 the insight ahead of president and CEO Jim Farley’s participation 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 28 April, 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 benefiting Ford Credit.
Net income for the second quarter of 2021 is expected to be substantially lower than a year ago, when results included a $3.5bn gain on Ford’s investment in Argo AI.
Ford plans to announce Q2 results and provide its outlook for the second half of the
year on 28 July.
At today’s 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.
Farley will report that reservations have reached 190,000 for the revived full-size Bronco SUV line which is finally 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 new Maverick compact pickup, just a week after it was anounced; and 20,000 for the E-Transit EV commercial van.
Farley’s Deutsche Bank “fireside chat” remarks are scheduled to begin at 3:00 p.m. EDT (8pm BST).