2/4, 10:11 PM (Source: TeleTrader)
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Ford's Q4 revenue lands at $36B, down 9% YoY

Ford Motor Company announced on Thursday that its revenues in the fourth trimester of fiscal 2020 stood at $36 billion, marking a decrease of 9% compared to the same period of 2019. The company's automotive revenue was at $33.2 billion. The vehicle manufacturer's net loss jumped 65% year-on-year to $2.8 billion, or $0.7 per diluted share. The number of Ford's wholesale units fell 9% annually to 1,238 in the fourth quarter.

Meanwhile, the Detroit-based firm said its full-year revenue came in at $127.1 billion in 2020, down by 18% compared to the year prior, while it recorded a net loss of $1.3 billion last year to mark a drop by $1.3 billion from the previous year's figure. Diluted loss per share stood at $0.32 for the fiscal year, dipping from earnings per share of $0.01 in 2019.

"The transformation of Ford is happening and so is our leadership of the EV revolution and development of autonomous driving. We're now allocating a combined $29 billion in capital and tremendous talent to these two areas, and bringing customers high-volume, connected electric SUVs, commercial vans and pickup trucks," Ford President and CEO Jim Farley said in a statement.

The company's stocks surged nearly 3% following the announcement.

Breaking the News / GA