Automaker Ford Motor Company (NYSE:F) reported second-quarter financial results after the market close Wednesday. Here are the key highlights.
What Happened: Ford reported second-quarter automotive revenue of $37.91 billion, beating a Street estimate of $34.32 billion, according to data from Benzinga Pro. Total company revenue was $40.2 billion in the quarter.
Earnings per share were 68 cents in the second quarter, beating a Street estimate of 45 cents per share.
Ford reported market share of 5.3% for automotives globally in the second quarter. Market share was 12.9% in North America and 2.3% in China in the second quarter, up 2.5 percentage points and 0.1 percentage points, respectively.
“We’re moving with purpose and speed into the most promising period for growth in Ford’s history – to innovate and deliver great products and connected services, raise quality and lower costs,” Ford CEO Jim Farley said.
The Ford E-Transit accounted for 95% of full-size electric vans sold in the U.S. in the second quarter, according to Motor Intelligence.
“We’re helping them reduce the total cost of vehicle ownership and make their enterprises more productive overall.”
The company noted strong demand for the electric vehicles Mustang Mach-E, F-150 Lightning and E-Transit in the quarter.
Ford saw a mark-to-market loss on its stake in Rivian Automotive (NASDAQ:RIVN) in the second quarter.
The company ended the quarter with $29 billion in cash.
What’s Next: Ford announced it is raising its quarterly dividend from 10 cents per share to a new amount of 15 cents per share. The next dividend is payable on Sept. 1 to shareholders of record as of Aug. 11.
Ford said it has raw materials to support a run rate of 600,000 electric vehicles by the end of 2023 and 70% of its goal for a run rate of 2 million units by the end of 2026.
The company reaffirmed full fiscal year 2022 guidance and said it has not seen a slowdown in the automotive industry for the year.
F Price Action: Ford shares are up 5% to $13.88 in after-hours trading Wednesday. Shares were up 5% during Wednesday’s regular trading session, closing at $13.17.
Photo courtesy of Ford.