Ford Motor Co.’s net income rose 19% in the second quarter as the company pulled together enough computer chips to boost factory output and sales.
The Dearborn, Michigan, automaker said Wednesday it made $667 million from April through June. Adjusted earnings per share were 68 cents, beating Wall Street estimates of 45 cents, according to FactSet.
Revenue was $40.19 billion, also beating analyst estimates of $36.87 billion.
The company stuck with its full-year outlook for pretax earnings of $11.5 billion to $12.5 billion. The company still expects 10% to 15% growth in vehicle sales to dealers for the full year.
Ford said in a statement that it expects to keep getting strong prices for its vehicles for the rest of the year, which will help offset about $4 billion in added costs from commodities.
Sales in the U.S., Ford’s most profitable market, rose just under 2% for the quarter. That boosted profits when coupled with strong demand and high prices for trucks and SUVs.
In the same period last year, Ford sales fell when its factories slowed due to the global semiconductor shortage, cutting net income to $561 million.
Chip shortage leaves 95K GM vehicles unfinished in storage
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