UPDATE 2-Ford raises full-year profit outlook after stronger-than expected quarter

Reuters
Updated ·1 min read
2

(Adds operating profit, net income, revenue)

DETROIT, July 28 (Reuters) - Ford Motor Co on Wednesday boosted its profit forecast for the year after reporting better-than-expected quarterly results.

The No. 2 U.S. automaker raised its expectation for full-year operating profit by about $3.5 billion, to between $9 billion and $10 billion.

Ford estimated a roughly 30% increase in its vehicle volume from the first to the second half of the year. However, it said it also expected higher commodity costs, investments in the company's "Ford+" plan and lower earnings by Ford Credit, leading to lower operating profit in the second half.

The company reported an operating profit of $1.1 billion, and boosted its full-year forecast for adjusted earnings before interest and taxes to between $9 billion and $10 billion.

Net income dropped to $561 million from $1.1 billion in the year-ago quarter.

Revenue climbed to $26.8 billion from $19.4 billion over the same period. (Reporting by Ben Klayman and Paul Lienert in Detroit; Editing by Leslie Adler and Richard Chang)