Ford Motor Company shares gained 8 percent on Thursday after the company reported a third-quarter earnings beat and surprisingly reinstated its dividend. Ford reported third-quarter adjusted earnings per share (EPS) of 51 cents on revenue of $33.21 billion. Both numbers topped consensus analyst estimates of 27 cents and $32.54 billion, respectively. Revenue was down 5 percent from a year ago. Looking ahead, Ford raised its full-year adjusted earnings guidance from a range of between $9 billion and $10 billion to a new range of between $10.5 billion and $11.5 billion. The company reiterated its full-year free cash flow guidance of between $4 billion and $5 billion. Management also said it expects the current automotive chip shortage to extend into 2022 and even potentially into 2023. Ford expects a 10 percent increase in wholesale vehicle volumes in 2022. Most surprisingly, Ford surprised Wall Street by reinstating its quarterly dividend, which it suspended …
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