Ford beats on first-quarter earnings, stock surges
- Ford's revenues and profits declined, but it beat Wall Street estimates.
- Once again, a strong pickup and SUV market in the US powered Ford's results.
- Ford is in the midst of reorganization under CEO Jim Hackett.
Ford on Thursday posted lower profit for the first quarter but beat analyst estimates as pickup truck sales remained strong in its core US market.
The No. 2 American automaker posted a quarterly net profit of $1.15 billion, or 29 cents per share, down 34 percent from $1.74 billion, or 43 cents per share, a year earlier.Excluding one-time items, Ford earned 44 cents per share, above analysts' average estimate of 27 cents, according to IBES data from Refinitiv.
In after-hours trading, Ford shares surged over 7%, to $10.
(Reporting by Nick Carey; Editing by Tom Brown)
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