DETROIT (AP) — Ford Motor Co. says it made $3.26 billion in the first quarter, helped by rising vehicle prices and in spite of production cuts due to a global shortage of computer chips.
The earnings reversed a nearly $2 billion net loss from a year ago, when Ford burned through cash at the start of the coronavirus pandemic. Excluding non-recurring items, the Dearborn, Michigan, automaker made 89 cents per share from January through March.
That trounced Wall Street estimates of 22 cents per share. Quarterly revenue was $36.23 billion, beating analysts' estimates of $36.13 billion. But the chip shortage likely will make things worse later in the year.