- Israel to mark October 7 attack as Gaza war spreads
- Gauff fights back to reach China Open final
- Recovering Stokes ruled out of first Pakistan Test
- Hezbollah battles troops on border as Israel pounds Lebanon
- Alcaraz, Sinner breeze into third round of Shanghai Masters
- Bagnaia wins Japan MotoGP sprint to cut Martin's lead
- Alcaraz breezes into third round of Shanghai Masters
- Gaza cultural heritage brought to light in Geneva
- 'Bullet for democracy': Trump returns to site of rally shooting
- Italy targets climate activists in 'anti-Gandhi' demo clampdown
- South Korean cult-horror series 'Hellbound' returns at BIFF
- Nepalis fear more floods as climate change melts glaciers
- Honduras arrests environmentalist's alleged murderer
- Padres pitcher Musgrove needs elbow surgery
- Supreme Court lets stand rules to curb mercury, methane emissions
- Boston beat Denver in NBA exhibition season opener, but Jokic says omens are good
- Chagos diaspora angry at lack of input on islands' fate
- Biden says 'not confident' of peaceful US election
- US trade chief defends tariff hikes when paired with investment
- Lukaku stars as Napoli beat Como to hold Serie A top spot
- Ohtani set for MLB playoff debut as Dodgers face Padres
- Pogba's drug ban cut to 18 months from four years
- Devine leads New Zealand to big win over India in Women's T20 World Cup
- Bosnia floods kill 16 people
- EU court blocks French ban on vegetable 'steak' labelling
- Prosecutors seek dismissal of rape charges against French rugby players
- Meta AI turns pictures into videos with sound
- Bolivia's Morales says claims he raped a minor are a 'lie'
- MLB Reds hire two-time champion Francona as manager
- Daniel Maldini receives first Italy call-up for Nations League
- US dockworkers return to ports after three-day strike
- Ancelotti points finger at Madrid's 'lack of intensity'
- Haiti reeling after 70 killed in gang attack
- Five Czech kids in hospital over TikTok 'piercing challenge'
- What happens next in Iran-Israel conflict?
- Country star Garth Brooks denies rape accusations
- Stubbs hits maiden century as South Africa make 343-4 against Ireland
- DR Congo to begin mpox vaccination campaign Saturday in east
- Odegaard injury has forced Arsenal to be 'different', says Arteta
- Ratcliffe refuses to guarantee Ten Hag's Man Utd future
- Meta must limit data use for targeted ads: EU court
- Mauritius to hold legislative election on November 10
- Britain qualify for America's Cup final after 60-year wait
- IMF asks Sri Lanka to protect hard-won gains
- Morata returns to Spain Nations League squad after injury
- Irish regulator to probe Ryanair use of facial recognition
- Public allowed to see video evidence in France mass rape trial
- US hiring soars past expectations in sign of resilient market
- Under-fire Ten Hag 'together' with Man Utd hierarchy
- Guardiola talks of Man City love affair as financial hearing rumbles on
Ford confirms 2022 profit outlook despite lingering semiconductor crunch
Ford confirmed its 2022 profit outlook Wednesday despite lower quarterly auto sales as strong vehicle pricing offsets the hit from higher operating costs and the ongoing semiconductor chip shortage.
Echoing statements from General Motors, Ford executives described "pent-up" consumer demand for autos in a market characterized by limited vehicle supply despite rising inflation.
The result has been elevated auto pricing that has so far enabled Detroit carmakers to offset soaring costs from steel, nickel and freight.
In the first quarter of 2022, Ford averaged $57,514 for the F-150 truck, up 16 percent from 2020, according to data from Edmunds.com.
Ford maintained its forecast of between $11.5 billion and $12.5 billion in adjusted earnings before interest and taxes, citing the effect of "continued strong pricing."
The company reported a loss of $3.1 billion following a $5.4 billion hit from the value of its investment in Rivian, which makes electric trucks. Adjusted earnings before interest and taxes were $2.3 billion.
Revenues fell five percent to $34.5 billion.
Ford said semiconductor supplies remained limited in January and February, but manufacturing rates "significantly improved" in March.
Chief Financial Officer John Lawler said Ford has been "aggressive" thus far in lifting prices, with pricing "just about offsetting cost increases."
The company expects more vehicles to hit the market in the second half of 2022, which means the market will be "in flux," Lawler said.
"As volumes increase, it (pricing) will be dynamic," Lawler said on a conference call with analysts. "If commodities keep going up, we'll be aggressive."
Ford shares rose about 1.0 percent to $15.00 in after-hours trading.
S.Pimentel--PC