Ford logs $2 billion loss in 2022, says profit was left 'on the table'

“To say I’m frustrated is an understatement, because the year could have been so much more for us at Ford,” CEO Jim Farley said Thursday.

Ford Motor Co. late Thursday reported a $2 billion loss for the year and mixed quarterly results, blaming “deeply entrenched” shortcomings around costs and systems that put the brakes on its hopes to become a more nimble company.

Ford stock fell more than 6% in extended trading after the results, holding around those levels as the call continued. It ended the regular trading day up 3.8%. As with “any transformation of this magnitude,” some parts moved faster than others, even though he remains optimistic about the plan, Farley told investors.

The auto maker declared a first-quarter regular dividend of 15 cents a share and a supplemental dividend of 65 cents a share, saying that the supplemental dividend reflected the monetization of Ford’s stake in EV startup Rivian Automotive Inc. RIVN, +5.94%. That unwinding began in May and “now is nearly complete,” Ford said.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

MarketWatch /  🏆 3. in US

Ireland Latest News, Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Jim Cramer's Investing Club meeting Thursday: Meta, Eli Lilly, Estee LauderInvesting Club: 3 investing lessons from the Club’s meeting Thursday: Meta, Eli Lilly, Estee Lauder
Read more »

Jim Cramer says J.M. Smucker is the only new 'dividend aristocrat' worth buyingJim Cramer gave his thoughts on the stocks of Nordson, C.H. Robinson and J.M. Smucker, the newest additions to the S&P 500 Dividend Aristocrats.
Read more »

Jim Cramer says we're in a bull market, so buy on the dipJim Cramer explained why he believes stocks are in a bull market and how investors should look for chances to buy.
Read more »

Sound check: Catch the classics of Jim Peterik at Hey NonnyJim Peterik, the man behind some of rock's biggest hits, plays in Arlington Heights; Phillip Michael Scales returns to Chicago; Nashville's Drew & Ellie Holcomb play SPACE; and Night Spice headlines a stacked local lineup at Metro.
Read more »

Donald Trump endorses Jim Banks for U.S. SenateThe former president endorsed Banks on social media Wednesday.
Read more »