Proactive Investors - Ford Motor Company (NYSE:F) said its second quarter revenue jumped 12% year-over-year, sending the automaker’s stock higher after the closing bell on Thursday.
For the quarter, the company posted revenue of $45 billion, above the Street forecast of $40.17 billion.
Earnings per share were $0.72, up from $0.68 in the year-ago quarter and far exceeding the consensus estimate of $0.54.
Revenue from its electric vehicle (EV) division, Ford Model e, increased by 39% from the year-ago quarter to $1.8 billion.
The company said it now expects to reach a 600,000-unit EV production run rate during 2024 as it works towards its goal of achieving a two million annual run rate.
“The shift to powerful digital experiences and breakthrough EVs is underway and going to be volatile, so being able to guide customers through and adapt to the pace of adoption are big advantages for us,” Ford CEO Jim Farley said in a statement.
“Ford+ is making us more resilient, efficient and profitable, which you can see in Ford Pro’s breakout second-quarter revenue improvement (22%) and EBIT margin (15%).”
Ford also raised its full-year guidance for 2023 to consolidated adjusted earnings before interest and taxes (EBIT) between $11 billion and $12 billion, up from its earlier forecast of a range of $9 billion to $11 billion.
It also raised its full-year free cash flow projection to between $6.5 billion and $7 billion, up from $6 billion.
However, Ford said it now expects to see a loss of about $4.5 billion for Ford Model e during 2023, up from its previous forecast of $3 billion.
The company said this projection reflected the pricing environment, investments in new products and capacity, and other costs.
Shares of Ford were up 2% at US$14 shortly after the release of its earnings.