Ford Motor Company (NYSE:F) said that its adjusted operating income more than tripled from a year ago, to $3.7 billion, as it was able to deliver more of its hottest new products to customers.
Ford also reiterated its previous guidance for the full year, saying that it will increase its quarterly dividend to 15 cents per share, the amount it paid before the COVID-19 pandemic.
Adjusted earnings per share proved to be 68 cents, up from 12 cents in the second quarter of 2021. Wall Street analysts had expected 45 cents.
Automotive revenue totaled $37.91 billion, up from $24.13 billion in the second quarter of 2021. Analysts had expected $34.32 billion, on average.
Net income was $667 million versus $561 million in the second quarter of 2021.
Ford said that its adjusted earnings before interest and tax, or adjusted EBIT, jumped to $3.7 billion from $1.1 billion a year ago, as its margin improved to 9.3% from 3.9% on supply chain improvements and a more profitable mix of products sold.
But despite that gain, Ford’s net income was just $667 million after it accounted for a $2.4 billion decline in the value of its stake in electric vehicle startup Rivian Automotive (NASDAQ:RIVN).
Chief Financial Officer John Lawler said is standing by its previous guidance for the full year.
It still expects adjusted EBIT of $11.5 billion to $12.5 billion for the year, which would represent 15% to 25% growth from last year, with adjusted free cash flow between $5.5 billion and $6.5 billion.
F shares leaped 62 cents, or 4.7% to $13.81.
