Ford earnings and revenue soar, helped by high car prices
CNN
Ford shook off the impact of supply chain problems and limited vehicle inventory to post much better-than-expected profits and revenue in the second quarter.
The number more closely watched by investors, its income excluding special items, jumped to $2.7 billion compared to the $510 million it earned on that basis a year earlier. Analysts surveyed by Refinitiv had forecast an increase in those adjusted earnings, but nowhere near as big, with a consensus forecast of $1.9 billion.
Revenue was $40.2 billion, up from the $26.8 billion a year ago. Revenue from vehicle sales rose 57% to $37.9 billion — easily topping the consensus forecast by about $3.6 billion. The revenue jump was far more than the 35% increase in the number of vehicles Ford sold to dealers and distributors worldwide, demonstrating that higher prices helped achieve those results.
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