Ford Motor raised its earnings guidance for the year after reporting a surprise profit in the second quarter, citing demand for profitable new vehicles such as the Ford Bronco SUV.
Its revenue slightly missed expectations due to the ongoing global shortage of semiconductor chips, which continues to disrupt the auto production. Ford on Wednesday said supplies of the critical parts are improving, however, even if it lost production of about 700,000 vehicles during the second quarter as a result.
Here’s how Ford performed in the second quarter compared with what Wall Street expected based on average estimates compiled by Refinitiv.
- Adjusted results: 13 cents per share, adjusted vs a loss of 3 cents a share
- Automotive revenue: $24.13 billion vs $24.25 billion
Ford raised its expectation for full-year adjusted earnings before taxes by about $3.5 billion, to between $9 billion and $10 billion. Sales volume is expected to increase by about 30% from the first to the second half of the year, driven by an improvement in market factors, the company said.
“Our Q2 results were better than expected,” CFO John Lawler told reporters during a call Wednesday. “We’re ‘spring loaded’ for growth.”
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