Ford Motor Co. late Wednesday reported second-quarter earnings that blew past Wall Street expectations and sent the stock soaring more than 6% in after-hours trading. Ford
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. Total revenue rose 50% to $40.2 billion, from $26.8 billion a year ago, including a 57% increase in automotive revenue. The “popularity” of Ford’s line up drove the “solid” results, the company said. Analysts polled by FactSet expected the auto maker to report adjusted earnings of 45 cents a share on sales of $36.87 billion. “The Ford team delivered a very solid second quarter in a challenging environment,” Chief Executive Jim Farley said in a call with analysts after the results. “We saw supply-chain disruptions, new economic headwinds and uncertainty as a whole.” On the plus side, however, “we’ve been overwhelmed for the demand or our first-generation EVs,” Farley said. “We are selling them as fast as we can make them.” Ford was able to make 14,000 EVs globally this month, “significantly higher” than in past months. “We have a clear path to reach a run-rate 60,000 EVs by the end of next year” and from there 2 million EVs by late 2026, Farley said. Ford also reaffirmed its guidance for the year of adjusted EBIT between $11.5 billion and $12.5 billion, which would be up between …