Ford posts profit, says chip shortage may cut production 50%
DETROIT (AP) — Ford posted a surprising $3.26 billion profit in the first quarter, but the company says a worsening global computer chip shortage could cut its production in half during the current quarter. Excluding non-recurring items, the automaker says it made 89 cents per share from January through March, trouncing Wall Street estimates of 22 cents per share. Chief Financial Officer John Lawler attributed the large profit to years of restructuring to make the company leaner, as well as higher prices for its vehicles due to tight inventories. He says the second quarter should be the low point for the chip shortage.