Ford Motor Co. today reported a second-quarter profit with the automaker’s finance unit making up for losses in its vehicle operations.
Dearborn, Mich.-based Ford said its quarterly profit totaled $561 million, or 14 cents a share. That was down from $1.1 billion, or 28 cents, for the same period in 2020.
The company said it had a second-quarter loss of $1.09 billion excluding Ford Credit, which finances vehicle purchases by customers.
Ford said in April that it anticipated it would lose half of its vehicle production for the second quarter due to a continuing semiconductor shortage. That would have meant a loss. However, Ford said strong demand meant lower incentives during the quarter. Revenue for the quarter totaled $26.8 billion, up 38 percent from a year earlier.
Ford’s automotive operations were mixed.
In North America, the automaker’s home base, auto operation generated earnings before interest and taxes of $194 million. But other regions incurred losses, resulting in an overall vehicle operation deficit.
The company forecast improving results in the year’s second half. Ford raised its estimate for full-year adjusted earnings before interest and taxes by about $3.5 billion to between $9 billion and $10 billion.