Ford said its second-quarter net income will be “substantially lower” than what it earned a year earlier. Those results included a one-time $3.5 billion gain on the company’s investment in Argo AI.
The automaker in April lowered the top end of its full-year guidance and noted the worsening chip shortage would cost an estimated $2.5 billion. Many of Ford’s assembly plants have been idled the past few months in what the company said would be the trough of the crisis.
Ford expects full-year EBIT of $5.5 billion to $6.5 billion, down from the $5.5 billion to $8 billion forecast it gave previously. The previous range included a potential $1 billion to $2.5 billion impact from the chip shortage.
Ford on Thursday also gave updated reservation numbers for some of its upcoming products. It has booked 36,000 reservations for the Maverick compact pickup and 20,000 for the E-Transit commercial van.
The company also said it has 100,000 reservations for the F-150 Lightning, which Farley noted in an interview with The New York Times last week, and reiterated that it has 125,000 firm customer orders for the Bronco out of 190,000 reservations, which it noted this week.
Farley’s presentation Thursday will touch on the company’s Ford+ growth plan, revealed last month at a Capital Markets Day presentation.
“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,” Farley said in a statement.
