Ford 2Q profit up 19% on strong prices, sales increase
Chip shortage still an issue, so vehicle 'demand is still higher than we can supply'Motor Co.'s net income rose 19% in the second quarter as the company pulled together enough computer chips to boost factory output and sales.
The company stuck with its full-year outlook for pretax earnings of $11.5 billion to $12.5 billion and it still expects 10% to 15% growth in vehicle sales tofor the full year. It also boosted its dividend from 10 cents per share to 15 cents per share, the level it was before the pandemic. It's also in the midst of a major transformation of the business that will include white-collar job cuts, although he wouldn't give any numbers. Ford will cut in areas with old skills and add where new skills are needed for electric and connected vehicles, he said.“Given the constraints that we have, demand is still higher than we can supply,” he said.
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