UPDATE: Ford Q2 Profit Beats Expectations, Shares Rise
Shares of Ford Motor Co (NYSE: F) gained more than 1% in pre-market trading after the company reported better-than-expected second-quarter earnings.
The Dearborn, Michigan-based company posted a quarterly profit of $1.31 billion, or $0.32 per share, versus a year-ago profit of $1.23 billion, or $0.30 per share. Its earnings after tax, excluding special items, came in at $0.40 per share.
Its revenue fell to $37.4 billion from $37.9 billion. However, analysts were expecting earnings of $0.36 per share on revenue of $36.16 billion.
For 2014, Ford affirmed its pre-tax profit forecast of $7 billion to $8 billion.
Ford's Automotive operating-related cash flow came in at $2.6 billion in the quarter. In the quarter, Ford's production rose 24,000 units to around 1.7 million units.
Automotive quarterly revenue fell 2%. North America wholesale volume and revenue fell 5% and 3%, respectively. Europe's revenue climbed 10% in the quarter, while Asia Pacific net revenue climbed 9%.
Mark Fields, president and CEO said, “Our One Ford plan continues to deliver, enabling us to reach our 20th consecutive quarter of profitability.”
Ford shares gained 1.12% to $17.98 in pre-market trading.
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