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.
Millions of Americans have taken to the skies, hit the road, fired up the barbecue grill and jumped into the pool this weekend to celebrate the start of summer 2024. Analysts are expecting the Memorial Day weekend to usher in yet another summer of strong consumer spending on travel and other leisure activities.