“To say I’m frustrated is an understatement, because the year could have been so much more for us at Ford,” CEO Jim Farley said Thursday.
Ford Motor Co. late Thursday reported a $2 billion loss for the year and mixed quarterly results, blaming “deeply entrenched” shortcomings around costs and systems that put the brakes on its hopes to become a more nimble company.
Ford stock fell more than 6% in extended trading after the results, holding around those levels as the call continued. It ended the regular trading day up 3.8%. As with “any transformation of this magnitude,” some parts moved faster than others, even though he remains optimistic about the plan, Farley told investors.
The auto maker declared a first-quarter regular dividend of 15 cents a share and a supplemental dividend of 65 cents a share, saying that the supplemental dividend reflected the monetization of Ford’s stake in EV startup Rivian Automotive Inc. RIVN, +5.94%. That unwinding began in May and “now is nearly complete,” Ford said.
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