Ford Posts Surprise Quarterly Profit On Rising Prices
Muhammad Irfan 2 months ago Thu 29th July 2021 | 09:50 AM
New York, (UrduPoint / Pakistan Point News - 29th Jul, 2021 ) :Ford reported a surprise profit as strong vehicle pricing offset the hit from the semiconductor shortage, sending the automaker's shares higher Wednesday.
Robust demand for vehicles in the reopening economy drove profits to $1.1 billion in the latest three months, about double the level seen in the same quarter of 2020, Ford said in its earnings report.
Revenues jumped 38 percent to $26.8 billion.
The automaker also raised some key forecasts for the year, saying it expects volume to increase in the second half of 2021.
Ford shares rose 3.9 percent to $14.40 in after hours trading.