Ford Motor said on Wednesday that its profit for the three months that ended in June fell by about 50 percent, to $561 million, in large part because a global shortage of computer chips kept the company for selling more cars and trucks.
The result, however, was not as bad as the automaker had feared. Ford also gave a more upbeat outlook for the full year, saying it now expected an adjusted operating profit in the range of $9 billion to $10 billion, some $3.5 billion more than it had previously forecast.
Ford reported revenue of $26.8 billion in the second quarter, up 36 percent from the same period a year earlier, when sales were slowed by the coronavirus pandemic.
For parts of this month, Ford has had to halt or slow production of highly profitable models like the F-150 pickup truck and various sport-utility vehicles. It has also slowed production of the Mustang Mach-E, an electric vehicle that Ford has been counting on to compete with Tesla and win new customers.
Ford has been hit harder by the shortage than other automakers because one of its main chip suppliers had a fire at a plant in Japan.
General Motors has seemed to handle the shortage better than Ford, but it too has had to cut production of profitable pickup trucks this month. G.M. reports its second quarter results on Aug. 4.
Tesla on Monday reported a record profit of $1.1 billion for the second quarter. While the company has been affected by the shortage, it has been able to switch to types of chips that are more readily available.
Still, Tesla’s chief executive, Elon Musk, said that the chip shortage was limiting the company’s output. “It seems like it is getting better, but it is hard to predict,” he told analysts in a conference call.
The semiconductor shortage has limited the auto industry’s ability to take full advantage of robust demand for cars and trucks in the United States.
Ford, in particular, is rolling out several new models that it has been counting on to turnaround its business, which has struggled in recent years. The company’s new models include a redesigned F-150, a Bronco S.U.V. and the Mustang Mach-E. It is poised to add a brawnier Bronco S.U.V. and an electric F-150 in the coming months.
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