Ford Motor Co on Wednesday reported a higher quarterly net profit that beat expectations because of a lower effective tax rate than the same period a year earlier and increased sales of more profitable pickup trucks in the U.S. market.
The Dearborn, Michigan-based company reported second-quarter net income of $2.04 billion, or 51 cents per share, up from just under $2 billion, or 49 cents per share, a year earlier. Excluding one-time items, the No. 2 U.S. automaker reported earnings per share of 56 cents, and on that basis analysts, on average, looked for 43 cents.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)