Ford Reports Q2 Earnings Above Wall Street Expectations, Gives Positive 2017 Guidance

Shares of Ford Motor Co. rose 1.6% before heading down in premarket trade on Wednesday after the company reported second-quarter profit and revenue that was above Wall Street expectations. Net income for the quarter came in at $2.04 billion, or 51 cents per share, compared with $1.97 billion, or 49 cents per share during the year-earlier period. Adjusted earnings per share were 56 cents, above FactSet's earnings consensus for 43 cents per share. Revenue for the quarter hit $39.85 billion, compared with $39.49 billion during the same period a year ago. Revenue was above FactSet's expected $37.28 billion consensus. Revenue from automotive sales were up to $37.11 billion in the quarter, compared with $36.93 billion a year ago, and the company said that automotive profits were driven by North America. Europe and Asia Pacific were also profitable. The car manufacturer said it expects full-year adjusted earnings per share to be in the range of $1.65 to $1.85. The FactSet consensus is for full-year earnings of $1.51 per share. Ford shares are down 7% in the year to date, while the S&P 500 index is up nearly 11% in the year.