Ford’s financial results exceeded analysts’ expectations. The automaker also promises to resume dividend payments.
Ford stock rose to $17.11 as of 7:00 a.m. L.A. on Oct. 28. The automaker’s stock price rose after the release of its quarterly financial report. Ford’s net income exceeded $1.8 billion. Analysts had projected that figure at $901.48 million.
Despite exceeding experts’ expectations, the company’s revenue was down compared to the same period in 2020. Ford representatives report a stabilization of last year’s chip shortage situation, which arose as a result of increased demand for computer hardware due to the pandemic. Because of the semiconductor shortage, the company was forced to cut the production of cars.
“Semiconductor availability remains an issue, but it has improved markedly from the second quarter,” the automaker said in a report.
The company is preparing to release an electronic version of the Ford F-150. Already, 160,000 buyers have made reservations for the novelty. Information website Market Watch reports that investors’ interest in the automaker increased after it was announced that it would resume accruing dividends. Payments to shareholders who had time to purchase securities before 11/17/2021 will begin on 12/12/2021.