Auto large Ford Motor Firm (NYSE: F) on Wednesday reported greater gross sales and earnings for the second quarter of 2022. The corporate’s inventory gained following the announcement.
Second-quarter revenues rose 50% yearly to $40.2 billion. Automotive income grew 57% to $37.9 billion, which is nicely above the estimates. The corporate reported earnings of $0.68 per share, on an adjusted foundation, up from final yr’s revenue of $0.13 per share. The market had predicted a slower progress.
On a reported foundation, it was a internet revenue of $667 million or $0.16 per share, in comparison with $561 million or $0.14 per share within the second quarter of fiscal 2021.
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Ford’s inventory entered 2022 on a excessive be aware and reached a file excessive in early January, earlier than slipping again to the pre-peak ranges within the following weeks. The inventory closed Wednesday’s buying and selling greater, and gained additional quickly after the earnings announcement.