Ford Motor Company surprised investors by beating third quarter earnings forecasts. The automaker reported a net income of $1.59 billion, rising from $960 million from the same period of last year. The better results were driven by an increased appetite for trucks in the U.S.
Only two Ford operating regions reported a net profit, North America and Asia Pacific. North America saw its operating margin increase to 8.1 percent as average transaction prices on the coveted F-Series truck cross $45,000. Ford also saw solid sales gains in China, leading to their profitability in that market.
In total, Ford reported revenues of $36.45 billion during the quarter, this is an increase from third quarter 2016, which was $35.94 billion.
Ford is a company currently under transition with new CEO Jim Hackett. Thus far investors have not been convinced on Hackett’s plans, with Ford’s stock up only 1 percent since taken the helm. In pre-market trading this morning investors appeared to be rewarding the company for beating Wall Street analysts.