CORRECTED-UPDATE 2-Ford posts profit, says chip shortage to slash Q2 output by 50%

(Corrects headline and first paragraph to show production loss of 1.1 million units for full year, not second quarter)

April 28 (Reuters) - Ford Motor Co on Wednesday reported a strong quarterly profit, but warned that the global semiconductor chip shortage will slash production in the second quarter by 50%, resulting in a 1.1 million unit decline for the full year, before bottoming out and then improving.

The automaker said the global semiconductor shortage would cost it about $2.5 billion in 2021.

Its shares were down 3.3% in after-hours trade on Wednesday.

Ford said its net income of $3.3 billion was the best since 2011, and adjusted pre-tax profit was a record $4.8 billion. Ford lost $2.0 billion in the first quarter of 2020.

The company said the chip shortage will slash full-year earnings before interest and taxes to $5.5 billion-$6.5 billion.

In February, Chief Financial Officer John Lawler said the company was on course to earn $8 billion to $9 billion in adjusted EBIT, including a $900 million non-cash gain on its investment in Rivian, the electric vehicle start-up.

Revenue in the quarter increased to $36.2 billion, from $34.3 billion a year earlier.

Ford was able to offset some of the impact of lost production in this year’s quarter by boosting the average transaction price per vehicle sold to nearly $48,000, compared with just over $44,000 a year ago, according to research firm (Reporting by Paul Lienert and Ben Klayman in Detroit; Editing by Dan Grebler)