The automaker reported second quarter adjusted earnings of 56 cents a share, trouncing estimates for 43 cents a share. Ford's bottom line was padded by strong sales in the high margin truck category. In the U.S., Ford said its F-Series had its best second quarter sales performance since 2001, with a 7% increase versus last year. Average transaction prices of $45,400 per truck were up $3,100 from a year ago.
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Ford sees full year earnings of $1.65 to $1.85 a share. Wall Street was looking for $1.51 a share. Shares fell 2% to $11.03 in early trading.
"I think what you will see is that we will be investing more and more [in electric and self-driving cars] over the next decade because that is a transition the whole industry will be going through," Ford CFO Robert Shanks told TheStreet in an interview.
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