The No. 2 U.S. automaker reported strong earnings early Thursday, Oct. 26, driven by record pretax profit in Asia and a strong performance in North America.
Ford reported adjusted earnings of 43 cents a share, which easily topped analyst expectations of 33 cents, according to FactSet. The Michigan-based company had revenue of $36.5 billion, which also bested analysts' forecast of $33 billion.
Net income came in at $1.6 billion, up from $1 billion in the same period last year. Analysts had predicted net income of $1.3 billion.
The company tightened its full-year earnings forecast to between $1.75 to $1.85 a share. FactSet analysts expect full-year EPS to tally $1.74.
Ford hired CEO Jim Hackett earlier this year, and since his tenure began the company has implemented strong cost-cutting initiatives and senior management shake-ups. Ford has pivoted to focus on SUVs and trucks to meet evolving consumer demand and invested in autonomous driving programs to keep pace with competitors in both Detroit and Silicon Valley.
Ford rose close to 1% early Thursday. Shares have risen 0.4% so far this year.
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