Summary
Ford Motor Company's second quarter 2022 results show a significant shift, with net income attributable to Ford improving to $667 million from a net loss of $2,443 million in the first half of 2021, largely influenced by a substantial loss on its Rivian investment. Total revenues for the first half of 2022 increased by 19% year-over-year to $74.7 billion, driven by strong performance in the Automotive segment, which saw revenues climb 21% to $70.0 billion, benefiting from improved wholesale volumes and pricing. Despite revenue growth, the company reported a net loss of $2,443 million for the first half of 2022, primarily due to a significant $7.9 billion loss on its Rivian investment and other special items. However, excluding these special items, Ford's adjusted EBIT showed robust growth, reaching $6.0 billion for the first half of 2022 compared to $4.9 billion in the prior year. The company maintained a solid liquidity position with $28.7 billion in Company cash at the end of June 2022, underscoring its ability to navigate ongoing industry challenges.
Financial Highlights
51 data points| Revenue | $40.19B |
| Cost of Revenue | $33.19B |
| Gross Profit | $7.00B |
| SG&A Expenses | $2.76B |
| Operating Expenses | $37.32B |
| Operating Income | $2.87B |
| Net Income | $667.00M |
| EPS (Basic) | $0.17 |
| EPS (Diluted) | $0.16 |
| Shares Outstanding (Basic) | 4.02B |
| Shares Outstanding (Diluted) | 4.05B |
Key Highlights
- 1Total revenues for the first half of 2022 increased 19% to $74.7 billion, driven by a 21% surge in Automotive segment revenue to $70.0 billion.
- 2Net income attributable to Ford Motor Company for the first half was a loss of $2.44 billion, heavily impacted by a $7.9 billion pre-tax loss on the Rivian investment.
- 3Adjusted EBIT for the first half of 2022 was $6.05 billion, up from $4.97 billion in the prior year, indicating strong operational performance excluding special items.
- 4Automotive segment EBIT was significantly higher at $5.21 billion for the first half of 2022, a substantial increase from $3.30 billion in the prior year, driven by North America.
- 5Ford Credit's EBT for the first half decreased to $1.87 billion from $2.59 billion, attributed to lower lease residual gains and unfavorable financing margin changes.
- 6Company cash stood at $28.7 billion at June 30, 2022, providing a strong liquidity buffer. The company reiterates its target of maintaining Company cash at or above $20 billion.
- 7The company reaffirmed its 2022 guidance for Adjusted EBIT of $11.5 billion to $12.5 billion and Adjusted Free Cash Flow of $5.5 billion to $6.5 billion.