DETROIT — Ford Motor Co. on Wednesday posted its highest first-quarter web revenue in a decade however stated it may lose half of deliberate manufacturing within the second quarter due to the semiconductor scarcity that has halted some high-profit meeting traces.

The automaker stated it earned $3.3 billion from January via March because it recovered from the coronavirus pandemic that resulted in a $2 billion web loss a 12 months earlier.

Adjusted earnings earlier than curiosity and taxes rose to $4.8 billion within the first quarter from a $600 million loss in the identical interval a 12 months earlier. Its adjusted margin rose to 13.3 %.

Income jumped to $36.2 billion from $34.3 billion within the first quarter of 2020.

The automaker made $1.15 billion within the first quarter of 2019 — the final comparable time earlier than the pandemic.

“Our workforce is relentlessly executing our plan to show round our automotive enterprise in order that we will create and ship the high-value, always-on expertise that our Ford and Lincoln clients deserve,” Ford CEO Jim Farley said in a statement. “There is not any query we’re changing into a stronger, extra resilient firm.”

Ford lowered the highest finish of its full-year steerage, with the semiconductor scarcity costing an estimated $2.5 billion.

The corporate now expects to lose 1.1 million items of manufacturing all through 2021, a lot better than its earlier projection of 200,000 to 400,000 autos.

CFO John Lawler advised journalists that Ford has about 22,000 autos partially constructed however lacking elements due to the chip scarcity. He stated the corporate had a 33-day provide of retail autos out there and that he anticipated that quantity to “tighten a bit additional.” 

Lawler stated the corporate had put some new processes in place to assist clients and sellers discover particular fashions which may not be out there however didn’t elaborate.

It expects full-year EBIT of $5.5 billion to $6.5 billion, down from the $5.5 billion to $8 billion vary it gave beforehand.

Ford shares slipped 3 % to $12.06 in after-hours buying and selling.