(Reuters) -Ford Motor Co said on Thursday that an improvement in its automotive business will help the company post second-quarter adjusted operating earnings above its own expectations.
Adjusted earnings before interest and taxes will also be significantly better than a year earlier, the company said, despite the continuing semiconductor crunch that has made automakers forecast billions in losses.
Lower-than-anticipated costs and favorable market factors drove an improvement in the automotive business.
Net income for the quarter is expected to be significantly lower, as the prior year included a $3.5 billion gain on investment in self-driving startup Argo AI, the automaker said.
Ford’s shares rose more than 2% in premarket trading.
(Reporting by Shreyasee Raj; Editing by Sriraj Kalluvila and Maju Samuel)
