Ford Motor (NYSE: F) reported Q2 EPS of $0.56, $0.13 better than the analyst estimate of $0.43. Revenue for the quarter came in at $39.9 billion versus the consensus estimate of $37.1 billion.

• Second quarter net income was $2.0B, total company revenue was $39.9B; EPS was $0.51, all up year over year  Total Company adjusted pre-tax profit of $2.5B and lower tax rate drove adjusted EPS of $0.56, up $0.04 year over year
• Lower adjusted pre-tax profit due to higher commodity cost, mainly steel, unfavorable exchange and non-repeat of last year’s gain on the sale of majority stake in OEConnection LLC
• In the U.S.: Year-over-year average transaction prices rose nearly five times the industry average in the quarter and incentives declined as a percent of vehicle price, while the industry increased
• Automotive profits driven by North America, with Europe and Asia Pacific also profitable; outside North America, other regions were about breakeven in total; Ford Credit pre-tax profit was $619M, up 55 percent year over year
• Automotive operating cash flow was positive; continue to expect full-year shareholder distributions of about $2.7B
• 2017: Expect full year adjusted EPS of $1.65 to $1.85 with adjusted effective tax rate now expected to be about 15 percent (*** consensus is $1.51)

“This quarter shows the underlying health of our company with strong products like F-Series and commercial vehicles around the world, but we have opportunity to deliver even more," said Jim Hackett, President & CEO. "The entire team is focused on improving the fitness of the business and smartly deploying our capital to improve both the top and bottom lines in the quarters ahead,"

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