Ford Motor Co. Thursday reported fourth-quarter profit fell from a year earlier, and the automaker blamed supply chain issues and production "instabilities" that raised costs and lower-than-expected volumes.
Full-year profit was short of expectations and Ford shares dropped more than 6% in after-market trading.
"We should have done much better last year," Ford CEO Jim Farley said in a statement. “We left about $2 billion in profits on the table that were within our control."
Fourth-quarter net income fell to $1.3 billion, from $12.3 billion in the year-earlier period. Revenue climbed to $44 billion, from $37.7 billion the previous year. Adjusted pretax earnings were $2.6 billion, compared with $2.0 billion last year.
The company's 2022 adjusted profit of $10.4 billion was short of the company's forecast at the end of the third quarter for $11.5 billion.
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