The automaker warned earlier in the year that it would be hit especially hard by the chip shortage and a fire at Japanese supplier Renesas that manufactures many of its automotive-grade chips, resulting in a second-quarter loss.
But Ford surprised investors by earning 13 cents per share excluding one-time items. That was far better than Wall Street expectations of a 3-centper-share loss, according to FactSet.
Revenue was $26.8 billion, also above analysts’ forecasts of just over $23 billion.
Ford raised its guidance for full-year pretax income by about $3.5 billion to between $9 billion and $10 billion. But it cautioned that higher commodity prices and capital investments would offset second-half wholesale volume that it expects to rise by about 30% over the first half.
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