Ford 4Q profit drops 90%, CEO pledges better execution

By TOM KRISHER
AP Auto Writer

DETROIT (AP) — Ford Motor Co.’s fourth-quarter net income fell 90% from a year earlier as shortages of computer chips and other parts slowed factories and cut vehicle sales. The Dearborn, Michigan, automaker said it made $1.26 billion from October through December, with revenue up 17% to $44 billion. The company made an adjusted 51 cents per share, falling short of Wall Street estimates of 62 cents. According to analysts polled by FactSet, Ford’s quarterly revenue exceeded estimates of $41.39 billion. Ford’s performance comes with a backdrop of rising interest rates and declining vehicle sales overall.