Ford Motor Co. reported a better-than-expected second-quarter profit this week, thanks largely in part to truck sales, higher vehicle prices and strong results outside of North America.
The No. 2 automaker in the world believed they'd at least reach what they achieved in 2012, but now the automotive company expects pretax operating profit to be equal or higher than last year according to Reuters.
Ford reported pretax second-quarter profit of 45 cents per share. Experts believed the company would achieve 37 cents per share.
Second-quarter revenue increased 15 percent to $38.1 billion and stock rose 3.1 percent to $17.47 in premarket trading.
"Our strong second quarter with improved results in every region around the world is another proof point that our One Ford plan is continuing to deliver and is building momentum," said Ford CEO Alan Mulally in a press statement.
In North America, Ford reported a pretax profit of $2.3 billion, its largest market and main source of profit according to Reuters.
Ford posted its best-ever profit in Asia ($177 million) and in South America ($151 million).
The company recorded a $348 million loss in Europe during the second quarter, and the company now expects to lose a total of $1.8 billion there in 2013. This would be lower than the $2 billion loss predicted but on par with the total from 2012 according to Ford.
"I think we're at the beginning of the phase where over the next several years you'll start to see the operations outside North America take on more and more significance," Chief Financial Officer Bob Shanks said to reporters in Michigan. "You're starting to see what's possible."
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