Ford leans on pickup trucks, other traditionally powered vehicles to limit sales drop
Ford Mustang Mach E EVs at a dealership in Chicago.
Ford got a little help from what it's long known for doing best.
Ford's stock $(F)$ rallied more than 6% in the after-hours session Tuesday after the carmaker reported second-quarter earnings above expectations and raised its outlook for the year, as General Motors did last week.
The broad overperformance, however, came as Ford notched another loss and revenue drop for its ailing EV business, and leaned on its storied pickup trucks to limit a year-over-year sales drop.
Ford posted second-quarter revenue of $48.3 billion, down 4% from a year ago, reflecting lower wholesale volumes plagued by ongoing aluminum supply constraints and the "right-sizing" of EV sales, the carmaker said. Ford reported adjusted earnings of 42 cents a share in the quarter.
Sales of traditionally powered vehicles rose 1% as Ford's pickups continued to shine in the U.S. - the company said that some of its off-road-vehicle trims accounted for nearly a quarter of its U.S. sales.
"Our iconic trucks, off-roaders and hybrids are commanding real pricing power," CEO Jim Farley said in a statement. Overall, the quarter showed "growing evidence that Ford is becoming a more profitable, more disciplined and genuinely different company," he said.
That offset a 56% year-over-year drop for Ford EVs, and a 5% year-over-year revenue decline for Ford Pro, the company's division dedicated to commercial vehicles and fleets.
FactSet consensus had called for adjusted profit of 36 cents a share on sales of $47.2 billion for Ford's second quarter.
The company raised its 2026 adjusted profit guidance to $10 billion to $11 billion, from a previous outlook of between $8.5 billion and $10.5 billion.
Ford's results come a week after General Motors $(GM)$ also reported second-quarter earnings above Wall Street's expectations and raised its full-year outlook, ending a four-quarter streak of revenue declines.
Ford shares have gained about 13% so far this year, outpacing the S&P 500 index SPX, which has risen about 9% in the same period.
-Claudia Assis