Ford Motor Co. late Wednesday reported second-quarter earnings that blew past Wall Street expectations and sent the stock soaring more than 5% in after-hours trading.
said it earned $700 million, or 16 cents a share, in the quarter, compared with $600 million, or 14 cents a share, in the year-ago quarter. Adjusted for one-time items, the auto maker earned 68 cents a share.
Revenue rose 50% to $40.2 billion, from $26.8 billion a year ago. The “popularity” of Ford’s line up drove “solid” results, Ford said.
Analysts polled by FactSet expected the auto maker to report adjusted earnings of 45 cents a share on sales of $36.87 billion.
Earlier this week, General Motors Co.
reported mixed quarterly earnings and reiterated its guidance for the year, with higher costs and ongoing supply-chain problems a “clear albatross” for GM.
reported its second-quarter results earlier this month, surprising investors with better-than-expected numbers thanks to vehicle price increases and selling of most of its bitcoin.
Shares of Ford have lost 38% so far this year, compared with losses of around 17% for the S&P 500 index