Ford beats on second-quarter earnings (F)

Ford

reported second-quarter earnings on Wednesday, and they beat analysts’ expectations. The company made $0.56 per share on an adjusted basis, versus an expected $0.43.

The carmaker is filing Q2 results for the first time under new CEO Jim Hackett, who took over from Mark Fields earlier this year after Ford’s stock underperformed the broader markets.

Hackett, a former Steelcase CEO, has been overseeing Ford’s Smart Mobility initiative.

His objective at the company will be to press forward with high-tech efforts to contend with Tesla and other carmakers on electric and self-driving vehicles.

For the quarter, Ford again saw strong sales of its all-important F-Series pickups in the US.

“F-Series had its best second quarter sales performance since 2001, with a 7 percent gain compared to last year. Average transaction prices of $45,400 per truck were up $3,100 from a year ago and led the segment,” the company said in a statement.

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The Lincoln luxury division was also a highlight, according to Ford, selling 29,000 vehicles in hte quarter “for the brand’s best performance in a decade.”

“In China, the brand capped its best ever quarter with record June sales, up 84 percent,” Ford added.

Ford brought in nearly $40 billion in revenue for the quarter, even as the US market, which has boomed for the past two years, appeared to moderate.

“Automotive profits driven by North America, with Europe and Asia Pacific also profitable; outside North America, other regions were about breakeven in total,” the company said.

Ford shares were up 1% in pre-market trading on Wednesday, to $11.40.

Get the latest Ford stock pricehere.