Ford Motor Company (NYSE:F) beat Wall Street estimates for second-quarter profit and raised its full-year earnings guidance, sending shares up more than 5% in premarket trading.
The automaker reported adjusted earnings of $0.42 per share for the quarter, topping analyst estimates of $0.30.
Revenue came in at $48.3 billion, ahead of the $45.86 billion analysts had expected, though down 4% from a year earlier.
Adjusted EBIT fell 26% year-over-year to $1.72 billion, still well above the $1.31 billion analysts had forecast.
On a GAAP basis, Ford posted a loss of $0.33 per share, weighed down by a $3.6 billion non-cash charge tied to the disposition of its BlueOval SK joint venture.
Ford raised its full-year adjusted EBIT guidance to a range of $10 billion to $11 billion, up from a prior range of $8.5 billion to $10.5 billion. The company also lifted its adjusted free cash flow outlook to $6 billion to $7 billion.
Capital expenditure guidance was unchanged at $9.5 billion to $10.5 billion.
By segment, Ford Blue posted revenue of $26.1 billion, above estimates of $25.68 billion, with EBIT of $1.14 billion versus expectations of $972.7 million. Ford Pro generated $17.8 billion in revenue, roughly in line with the $17.73 billion analysts had projected.
Ford Model e, the company's electric vehicle unit, reported an EBIT loss of $919 million, narrower than the $1.09 billion loss analysts had expected.