DETROIT — The all-around computer dent curtailment cut into third-quarter profits at both Ford and crosstown battling General Motors, with both companies accepting to briefly abutting factories, avidity food on banker lots.
Ford’s net assets of $1.83 billion fell 23% from a year ago, while GM’s accumulation alone 40% to $2.4 billion. Aerial prices, mainly for the auto trucks and big SUVs that the automakers sold, eased the bite from lower sales.
Ford, which appear after-effects afterwards Wednesday’s closing bell, said it would resume advantageous a dividend, 10 cents per share, starting in the fourth quarter. It will amount the aggregation about $400 actor per quarter. Ford’s banal jumped 7.5% in after-market trading.
The aggregation said its acquirement alone 5% from a year ago to $35.68 billion. That fell abbreviate of Wall Street estimates of $38.2 billion.
Excluding ancient items, the Dearborn, Michigan, aggregation fabricated 51 cents per share, assault the 27 cents accepted by analysts polled by FactSet.
Ford’s sales fell 27% from July through September in the U.S., its best advantageous market. The aggregation additionally absent 2.4 allotment credibility of U.S. bazaar share, abundantly because like GM, it couldn’t aftermath abundant cartage to accommodated demand.
But the boilerplate Ford new agent awash for added than $51,000 during the quarter, up about 13% from a year ago, according to Edmunds.com.
Chief Banking Officer John Lawler said Ford has the banknote and assets to advance in electric cartage and services. He said the aggregation is assured in the aisle of its business.
“That’s accouterment us the banking adaptability to absolutely armamentarium our plan and all of our added basic needs,” he said. “We additionally are focused on absolute actor returns, not alone affectionate banal amount but additionally the dividends.”
Lawler said there is able appeal for Ford’s articles that the aggregation can’t accommodated because of the dent shortage. Globally, he said he thinks the aggregation could advertise 200,000 Mustang Mach-E electric SUVs per year.
He said the dent curtailment should affluence a bit from October through December, and sales to dealers should acceleration 10% this division over the antecedent one. While food will improve, the curtailment will abide into abutting year and possibly into 2023, he said.
Ford aloft its full-year pretax balance angle to amid $10.5 billion and $11.5 billion, and said it affairs to accomplish basic investments of $40 billion to $45 billion from 2020 to 2025. That includes about $15 billion that will go against battery-electric cartage during the period.
Lawler cautioned, however, that the aggregation faces college costs in abstracts and freight. Commodity costs such as animate are accepted to acceleration $3 billion to $3.5 billion this year, and addition $1.5 billion abutting year, he said.
GM’s balance fell from $4 billion aftermost year as sales angled and the aggregation absent bazaar allotment in the U.S., its best assisting country. Acquirement for the division plunged 25% to $26.78 billion.
GM CEO Mary Barra, meanwhile, said on a appointment alarm with analysts that she is “pretty confident” that GM’s San Francisco-based Cruise free agent accessory would be accustomed cartage after animal assurance drivers ancient abutting year. To do that, Cruise still needs a final admittance from California regulators.
Barra additionally told reporters Wednesday that the all-around curtailment of semiconductors, added COVID outbreaks at supplier factories, hit the aggregation during the third quarter. “It still continues to be somewhat volatile,” she said.
However, GM is seeing advance in the accepted division and expects added food in the aboriginal three months of 2022.
GM has said it expects to aftermath about 200,000 beneath cartage in the additional bisected of this year compared with the aboriginal half, with best of the appulse occurring from July through September.
Barra said she’s announced with the CEOs of best above dent makers, and the companies are alive on strategies to accomplish abiding the shortages don’t appear again. “I anticipate we’ll absolutely see changes to ensure we accept the appropriate supply,” she said.
GM’s accumulation came alike admitting U.S. third-quarter sales were about 33% lower than a year ago. The aggregation absent 3.8 allotment credibility of U.S. bazaar share, Edmunds said.
But Barra said she expects GM’s bazaar allotment to animation aback aback factories get aback to accustomed production. “We are affairs aggregate we can. I ambition we had added vehicles,” she said.
Consumer alertness to pay aerial prices for deficient new cartage kept the money abounding for GM. The boilerplate auction amount paid for a GM agent topped $50,000 for the quarter, up added than 16% from a year ago, Edmunds said. Barra said that already food grow, she expects the aerial prices to ease.
With the accepted advance in dent supplies, GM added its full-year net assets advice to a ambit of $8.1 billion to $9.6 billion. In the additional division it had anticipation $7.7 billion to $9.2 billion for the year.
Shares of GM bankrupt Wednesday bottomward 5.4% at $54.26.
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