Ford Motor Company far outpaced analysts’ expectations in the second quarter, reporting that its net income nearly tripled from a year ago to $1.9 billion.
For the full year, Ford expects adjusted EBIT of $11 billion to $12 billion. That’s a significant increase over the $9 billion to $11 billion Ford had predicted last quarter. In 2022, Ford’s adjusted EBIT was $10.4 billion, so even the company’s lower guidance exceeds last year’s results.
The 150,000 UAW members at Ford, GM and Stellantis began negotiations for a new contract with the Big Three automakers this month. All three companies have now reported gaudy earnings for the second quarter. (See the UAW’s statements about the second quarter earnings of General Motors and Stellantis.) The car companies’ current contract with the UAW expires on Sept. 14.
UAW President Shawn Fain Released the Following Statement:
“Like every Big Three automaker, Ford is thriving. These eye-popping numbers come on top of a decade of massive profits. The Big Three made a quarter-trillion dollars in North American profits over the last decade, but they denied UAW members our fair share. No Ford worker should be stuck in a lower-tier job, without the good pay and pension that generations of autoworkers fought for. No Ford worker should wonder if the Blue Oval battery plants opening across the country will start a race to the bottom that undermines standards for all autoworkers. Seeing the billions that Ford is making, we know they can and must make things right for our workers and our communities.”
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