Ford Posts Lower Profit, Issues Downbeat Outlook; Shares Drop

DETROIT—Ford Motor Co. on Thursday said quarterly profits fell and the automaker predicted a difficult year ahead, sending its shares down after the bell as investors were disappointed following this week’s robust report from rival General Motors Co.
Ford blamed chip shortages and other supply chain issues and production “instabilities” that raised costs, along with lower-than-expected volumes. Ford shares dropped more than 6 percent in after-market trading.
“We should have done much better last year,” Ford CEO Jim Farley said in a statement. “We left about $2 billion in profits on the table that were within our control.”
In an analyst call, Farley added: “We have deeply entrenched issues in our industrial system,” saying “this has been humbling for both me and my team.”…