DETROIT — Ford Motor Co. on Thursday mentioned fourth-quarter web revenue jumped to $12.3 billion from a $2.8 billion (all figures in USD) loss a yr earlier, regardless of continued manufacturing and stock struggles stemming from the continuing semiconductor scarcity.

The revenue consists of an $8.2 billion acquire from Ford’s funding in Rivian, the EV maker that went public in November, although Ford was within the black for the quarter even with out that and different one-time objects.

The automaker reported adjusted earnings of $2 billion earlier than curiosity and taxes, a 19 per cent improve from the identical interval a yr earlier.

Income within the quarter rose 5 per cent to $37.7 billion.

For the complete yr, the automaker reported web revenue of $17.9 billion, up from the $1.3 billion loss it incurred in 2020, the primary yr of the coronavirus pandemic. It posted adjusted EBIT for 2021 of $10 billion, roughly 4 instances its 2020 earnings on that foundation and according to its estimates after it reclassified a first-quarter Rivian funding acquire.

Ford’s full-year earnings included a $7.4 billion revenue in North America. Underneath its contract with the UAW, staff will obtain profit-sharing checks of $7,377 on common within the coming weeks.

The automaker misplaced cash in each different area besides the Worldwide Markets Group, the place it made $622 million.

Ford on Thursday projected that its adjusted EBIT would rise between 15 per cent and 25 per cent in 2022, to a variety of $11.5 billion to $12.5 billion. It expects volumes to extend between 10 and 15 p.c.

CFO John Lawler mentioned the excessive finish of that EBIT vary would indicate an adjusted-EBIT margin of eight per cent, together with 10 per cent in North America. If Ford hits that focus on, it might be a yr forward of schedule.

Ford’s shares slipped almost 5 per cent to $19 in after-hours buying and selling.

Lawler attributed the tepid Wall Road response to a disappointment its volumes weren’t increased.

“Some thought we might do significantly better on the volumes,” he mentioned. “However because of the provide constraints we realized on account of omicron and semiconductor shortages, we weren’t in a position to exceed the volumes we had guided.”

Nonetheless, he mentioned the corporate was in a robust place.

“Take a look at the place we’re guiding in 2022,” he mentioned. “It exhibits the energy and the momentum of the enterprise.”