Ford Motor Co. (NYSE:F) nearly doubled Wall Street’s earnings expectations for the third quarter and raised its annual guidance for the second time this year.
The Detroit automaker reported earnings per share of 51 cents U.S. compared to 27 cents U.S. that had been expected. Its revenue came in at $33.21 billion U.S. versus $32.54 billion U.S. that analysts had forecast.
Ford’s stock jumped by more than 9% during after-hours trading on news of the third quarter results. The stock closed Wednesday down by 2.7% to $15.51 U.S. per share.
Ford also said it would reinstate its regular dividend starting in the fourth quarter, more than a year and a half after suspending the payment during the pandemic.
The automaker’s new full year adjusted earnings guidance is now between $10.5 billion U.S. and $11.5 billion U.S., up from previous guidance between $9 billion U.S. and $10 billion U.S.
Ford cited strong demand for newer products such as its Bronco SUV and Mustang Mach-E, which the company said could reach 200,000 units in sales globally per year.
Ford’s biggest rival, General Motors (NYSE:GM), also reported third quarter earnings that beat Wall Street’s estimates. Despite the beat, GM’s stock declined by more than 5% due to the automaker lowering free cash flow guidance for the year and not meeting some investor expectations for the remainder of the year.
