Ford blows away earnings expectations as consumers buy up trucks during pandemic - CNBC

Ford Motor blew away Wall Street expectations as well as the company's forecast earnings for the third quarter on stronger-than-expected demand during the coronavirus pandemic.

Ford more than doubled its adjusted pretax earnings from a year earlier to $3.6 billion in the third quarter.

The company's net profit was $2.34 billion during the third quarter, up from roughly $423 million a year earlier.

Its total revenue also increased by about $500 million to $37.5 billion from the third quarter of 2019.

Due to costs related to new or redesigned vehicle launches toward the end of the year, the company forecast adjusted earnings for the fourth quarter to be between break even and a $500 million loss.

Former Ford CFO Tim Stone, who left the company earlier this month, told investors in July that the automaker expected earnings on an adjusted pretax basis of between $500 million and $1.5 billion for the third quarter.