Ford Motor Co. on Wednesday posted second-quarter net income of $667 million (all figures in USD), up 19 per cent from the same period a year earlier, as it managed a significant production increase after more than a year of being stymied by the ongoing global microchip shortage.
The automaker's adjusted earnings before interest and taxes more than tripled from the same period a year earlier to $3.7 billion. Its adjusted profit margin more than doubled to 9.3 per cent.
Second-quarter revenue surged 50 per cent to $40.2 billion. Ford attributed some of the jump to a 35 per cent rise in wholesale shipments, and the automaker continues to be aided by strong pricing and demand for its newest products.
Ford shares gained 6.7 per cent to $14.07 in after hours-trading.