NEW YORK– American automaker Ford beat profit expectations in the fourth quarter of 2023 and expects higher profits this year despite rising labor costs in its electric vehicle segment, according to a financial report published this Tuesday.
The company reported fourth-quarter adjusted earnings per share of 29 cents, above analyst estimates, while revenue reached $46 billion in the period.
By 2024, Ford expects profits of between $10 billion and $12 billion before interest and taxes, up from $10.4 billion reported in 2023.
Ford’s latest results come after the industry giant, along with General Motors and Stellantis, were hit by a six-week strike that has since been resolved.
The company expects “higher labor costs and important product renewal actions” this year.
Its chief operating officer, Kumar Galhotra, said the company will “reduce costs by $2 billion” across its global industrial system in areas such as freight and manufacturing.
For all of the previous year, Ford reported net income of $4.3 billion.
Source: With information from AFP.
