Ford and Pfizer released their second quarter earnings reports before opening bell this morning. Ford posted earnings of 47 cents per share on $37.3 billion in sales. Analysts had been expecting earnings of 37 cents per share on $35.5 billion in revenue. In last year’s second quarter, the automaker posted earnings of 40 cents per share on $37.4 billion in revenue.
Pfizer reported adjusted earnings of 56 cents per share on revenue of $11.9 billion. Analysts had been expecting earnings of 52 cents per share on $11.42 billion in revenue. In the same quarter last year, the drug maker posted earnings of 58 cents per share and $12.8 billion in revenue.
Ford profits climb 46%
Ford’s pretax profits climbed 10% to $2.9 billion compared to last year, while net income increased 44% to $1.9 billion. The automaker recorded its best quarterly profit in automotive in 15 years. Wholesale volume increased 2% on the back of strength in North America and Europe. The automaker increased its global market share by one-tenth of a percentage point to 7.6%.
Ford’s revenue in Europe was $7 billion, which came up a bit short of the consensus estimate of $7.13 billion. Revenue in North America beat estimates, coming in at $23.3 billion compared to the estimate of $22.57 billion. Ford Credit posted a pretax profit of $506 million.
The automaker again confirmed its guidance of pretax profits of between $8.5 billion and $9.5 billion for the full fiscal year. As of this writing, Ford shares were up 1.51% at $14.80 per share in premarket trades.
Pfizer ups guidance
Pfizer’s reported earnings were 42 cents per share, compared to last year’s 45 cents per share. The company’s Innovative Products division saw an 8% increase in revenue to $6.6 billion, while its Established Products saw a22% decline in sales to $5.09 billion for the quarter.
The drug maker also raised the midpoints of its guidance ranges for this year on the back of the second quarter’s strong performance. For this year, Pfizer expects revenues to be between $45 billion and $46 billion, compared to the previous guidance of between $44 billion and $46 billion.
The company expects reported earnings to be between $1.38 and $1.47 per share. The previous guide was between $1.32 and $1.47 per share. Pfizer now projects adjusted earnings of between $2.01 and $2.07 per share, compared to the previous guide of between $1.95 and $2.05 per share.
As of this writing, shares of Pfizer were up 1.08% at $34.75 per share in premarket trades.