Auto giant Ford Motor Company (NYSE: F) on Wednesday reported higher sales and earnings for the second quarter of 2022. The company’s stock gained following the announcement.
Second-quarter revenues rose 50% annually to $40.2 billion. Automotive revenue grew 57% to $37.9 billion, which is well above the estimates. The company reported earnings of $0.68 per share, on an adjusted basis, up from last year’s profit of $0.13 per share. The market had predicted a slower growth.
On a reported basis, it was a net profit of $667 million or $0.16 per share, compared to $561 million or $0.14 per share in the second quarter of fiscal 2021.
Check this space to read management/analysts’ comments on Ford’s Q2 2022 earnings
Ford’s stock entered 2022 on a high note and reached a record high in early January, before slipping back to the pre-peak levels in the following weeks. The stock closed Wednesday’s trading higher, and gained further soon after the earnings announcement.