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Ford Motor Co. stock rose more than 3% in after-hours trading Wednesday after the auto maker reported mixed third-quarter results but raised guidance for this year, resumed paying a dividend and said chip shortages are easing.
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said it earned $1.8 billion, or 45 cents a share, in the third quarter, compared with $2.4 billion, or 60 cents a share, in the year-ago period. Adjusted for one-time items, the company earned 51 cents a share.
Revenue fell 5% to $35.7 billion from $37.5 billion a year ago.
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Analysts polled by FactSet expected the auto maker to report adjusted earnings of 27 cents a share on sales of $38.2 billion.
The company cited “high demand” for its new vehicles, including EVs. “This is the most exciting Ford lineup I’ve seen,” Chief Executive Jim Farley said in a statement.
Ford increased its guidance for full-year 2021 adjusted EBIT to between $10.5 billion and $11.5 billion.
“Semiconductor availability remains a challenge, but markedly improved from the second quarter,” helping lifting North American shipments.
Ford will resume paying a dividend in the fourth quarter, it said.
Ford shares last week rallied to a six-year high, getting a boost from Credit Suisse turning bullish on the shares and rating it a buy.
See also: Chasing Tesla: Here are the current electric vehicle plans of every major car maker
Shares of Ford have gained 78% so far this year, compared with gains of around 22% for the S&P 500 index
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