Ford 2Q profit up 19% on strong prices, sales increase
The Michigan-based automaker beat Wall Street estimates
Ford Motor Co.'s net income rose 19% in the second quarter as the company pulled together enough computer chips to boost factory output and sales.
The Dearborn, Michigan, automaker said Wednesday it made $667 million from April through June. Adjusted earnings per share were 68 cents, beating Wall Street estimates of 45 cents, according to FactSet.
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Revenue was $40.19 billion, also beating analyst estimates of $36.87 billion.
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The company stuck with its full-year outlook for pretax earnings of $11.5 billion to $12.5 billion. The company still expects 10% to 15% growth in vehicle sales to dealers for the full year.
Ford said in a statement that it expects to keep getting strong prices for its vehicles for the rest of the year, which will help offset about $4 billion in added costs from commodities.
Sales in the U.S., Ford's most profitable market, rose just under 2% for the quarter. That boosted profits when coupled with strong demand and high prices for trucks and SUVs.
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In the same period last year, Ford sales fell when its factories slowed due to the global semiconductor shortage, cutting net income to $561 million.