Ford beats on Q2 earnings — and logs 150,000 reservations for its new Bronco SUV

• Ford reported second-quarter earnings and beat Wall Street estimates.
• Ford lost $0.35 per share on an adjusted basis, with revenue of $19.4 billion.
• In after-hours trading, Ford stock moved higher on the news, up 3.5% to $7.
• Ford CFO Tim Stone also said that Ford has 150,000 reservations for its new Bronco SUV.

Ford reported second-quarter earnings after the markets closed on Thursday, and carmaker beat estimates.

Ford lost $0.35 per share on an adjusted basis, with revenue of $19.4 billion.

Analysts expected a loss of $1.30 per share, on revenue of $14.36 billion, according to Zacks. Ford had previously said that it expected to absorb an operating loss of $5 billion for the quarter.

Shares moved higher one the news in after-hours trading, up 3.5% to $7.

On a call with the media after results were announced, CFO Tim Stone said that Ford has racked up 150,000 reservations, and $100 each, for its new Bronco SUV, revealed earlier this month.

CEO Jim Hackett later said on a call with analysts that Ford was hiring 2-3,000 new workers to build the Bronco in Michigan (one model will be assemble in Mexico). And COO Jim Farley indicated the Ford would add capacity for the vehicle as needed, with the current manufacturing requiring two shifts, rather than a full three.

Stone also said that for expected to return to profitability in the third quarter. After warning that Ford could post a $5-billion operational loss, he said that the much better results could be attributed to "strong operational execution by the team."

He also noted that Ford had already paid down $7.7 billion in borrowing on its credit lines from earlier in 2020, and that the company's balance sheet is well-fortified to make it through the year, with $39 billion in cash.