Ford shares surged on Wednesday after the automaker reported quarterly earnings and revenue that beat analysts' expectations.
Strong sales of trucks in North America helped offset declining sales of passenger cars, and challenges such as higher costs, lower volume, and difficulties in China. But earnings are still down from the same quarter last year.
Shares were up more than 4 percent in after-hours trading.
Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: 29 cents, adjusted, vs. 28 cents expected
- Automotive Revenue: $34.7 billion vs. $33.3 billion expected
The results come during a challenging time for the automaker, which is very much in the middle of a turnaround. Shares of Ford have fallen more than 30 percent since the beginning of the year. Materials costs have risen and tariffs have already cost the company at least $1 billion.
Ford said third-quarter net income fell to $1 billion, or 25 cents per share, from $1.6 billion, or 39 cents per share a year earlier. Excluding items, Ford earned 29 cents per share, beating the 28 cents per share expected by analysts surveyed by Refinitiv.
Total revenues rose nearly 3 percent to $37.6 billion. Its automotive revenue was $34.7 billion, ahead of the $33.3 billion analysts were expecting.
The second-largest U.S. automaker continues to benefit from a relentless consumer shift toward sport utility vehicles and trucks in North America, Ford's strongest market. Ford said its F-Series line of full-sized pickup trucks gained market share, and the Super Duty line of trucks saw record high transaction prices.