Ford overcomes computer chip shortage, posts surprise profit

Sky-high sales prices for pickup trucks and SUVs helped Ford Motor Co. turn a surprise second-quarter profit despite a global shortage of computer chips that cut production in half

DETROIT -- Sky-high sales prices for its pickup trucks and SUVs helped Ford Motor Co. turn a surprise second-quarter profit despite a global shortage of computer chips that cut factory output in half. The Dearborn, Michigan, company said Wednesday that it made $561 million from April through June, largely because of cost cuts and higher-than-expected prices for its vehicles. 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-cent-per-share loss, according to FactSet.