DEARBORN (dpa-AFX) - Ford Motor Co. (F) Wednesday reported first-quarter profit of $3.3 billion or $0.81 per share, compared to last year's loss of $2.0 billion or $0.50 per share.
Excluding items, adjusted earnings for the quarter were $0.89 per share, compared to a loss of $0.23 per share. On average, 16 analysts polled by Thomson Reuters expected the company to report an earnings of $0.21 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter gained 6% to $36.2 billion from $34.3 billion in the same period last year. Analysts expected revenue of $32.23 billion for the quarter.
Looking forward, the company now assumes that it will lose 10% of planned second-half 2021 production. Ford now expects to lose about 1.1 million units of production this year to the semiconductor shortage.
The company now anticipates full-year 2021 adjusted EBIT to be between $5.5 billion and $6.5 billion, including an adverse effect of about $2.5 billion from the semiconductor issue.
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