Ford Motor Co. on Wednesday reported better than expected second-quarter profit and reaffirmed its profit outlook for the year, but said management is "actively looking" at how to offset surging costs.
Ford shares rose 7% in after-hours trade.
Results were driven by higher-margin vehicles, partially offset by higher commodity costs and expenses, the company said. Ford said it expects commodity costs to rise by $4 billion for the year.
Profit increased marginally to $667 million, with diluted earnings per share of 16 cents versus 14 cents a year earlier.
Ford said revenue for the quarter jumped to $40 billion, up sharply from $26.8 billion a year ago when supply-chain problems slashed production. Analysts had expected revenue of $34.3 billion.
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