• Ford raised its earnings guidance for the year after reporting a surprise profit in the second quarter.
• Its revenue slightly missed expectations due to the ongoing global shortage of semiconductor chips, which continues to cause cuts to the automaker's production.
• Ford raised its expectation for full-year adjusted earnings before taxes by about $3.5 billion, to between $9 billion and $10 billion.

DETROIT – Ford Motor raised its earnings guidance for the year after reporting a surprise profit in the second quarter, saying demand for profitable new vehicles such as the Ford Bronco SUV will boost its performance.

Its revenue slightly missed expectations due to the ongoing global shortage of semiconductor chips, which continues to disrupt the automaker's production. Ford on Wednesday said supplies of the critical parts are improving, however it lost production of about 700,000 vehicles during the second quarter.

Here's how Ford did compared with what Wall Street expected based on average estimates compiled by Refinitiv.

• Adjusted results: 13 cents per share, adjusted vs a loss of 3 cents a share
• Automotive revenue: $24.13 billion vs $24.25 billion

Ford raised its expectation for full-year adjusted earnings before taxes by about $3.5 billion, to between $9 billion and $10 billion. Sales volume is expected to increase by about 30% from the first to the second half of the year, driven by an improvement in market factors, according to the company.

Despite the increase, Ford said the second half of the year will be weaker than the first regarding its operating profit. CFO John Lawler cited $3 billion to $4 billion in favorable higher volumes, but said commodity costs, lower earnings from Ford Credit and other factors such as higher warranty costs will drag down its results.

Ford's stock was up by about 4% in after-hours trading to more than $14.30 a share. Shares of the automaker have more than doubled since Jim Farley became CEO in October, including a more than 50% jump so far this year.

Lawler and Farley on Wednesday described the company as being "spring loaded" for growth during the second half of the year and beyond. They cited strong demand, including reservations, for newly launched and upcoming vehicles.

Ford's recent vehicle launches have ranged from the electric Mustang Mach-E crossover and redesigned F-150 to two new Bronco models, including the "big Bronco" SUV. It also has unveiled and started taking reservations for an all-electric version of its F-150 pickup and a new small pickup called Maverick.

The results were in-line with updated guidance from Ford. The company had said its adjusted pretax earnings for the second quarter would top its expectations and be "significantly better than a year earlier," while net income would be "substantially lower" than the same period last year.

The company reported a net profit of $1.1 billion and an adjusted pretax loss of $1.9 billion during the second quarter of 2020.

In April, Ford forecasted its adjusted pretax profit for the year to range from $5.5 billion to $6.5 billion, including an adverse effect of about $2.5 billion from the semiconductor shortage. That impact was the high end of a previously guided loss due to the problem.

Ford on Wednesday declined to provide an update to its expected loss to earnings for the year due to the semiconductor chip shortage. Farley said the situation "remains fluid" despite an anticipated increase in supply during the second half of the year.