DETROIT (AP) — Ford Motor Co. reversed a loss and rode some big accounting charges to post a $17.94 billion net profit last year.
That came even as the company battled computer chip shortages that caused factory slowdowns and low inventories on dealer lots.
U.S. sales for the Dearborn, Michigan, automaker fell 7% for the year over depressed 2020 numbers, but customers paid record prices of nearly $51,000 per vehicle in Ford’s most lucrative market.
Excluding the one-time items, the company made $1.59 per share, falling short of analyst estimates of $1.86. Revenue rose 7.2% to $136.34 billion. That was short of analyst estimates of $137.6 billion