Ford Motor shares surged 5.08% in pre-market trading on Wednesday after the automaker reported second-quarter earnings that beat Wall Street expectations and raised its full-year profit outlook for the second time this year.

The Dearborn, Michigan-based company posted adjusted earnings per share of $0.42, surpassing the analyst consensus of $0.35. Revenue came in at $48.3 billion, also topping estimates. Ford lifted its full-year adjusted EBIT guidance to $10 billion to $11 billion, up from the previous range of $8.5 billion to $10.5 billion, citing expectations of higher U.S. automobile pricing and robust demand for its pickup trucks and SUVs. The company's second-quarter core profit rose nearly 20% to $2.5 billion.

CEO Jim Farley emphasized the pricing power of Ford's iconic trucks and off-road vehicles, while CFO Sherry House noted that the quarterly performance was bolstered by "quite resilient" customers. The company also benefited from improving cost efficiency and a forecast that U.S. auto prices will rise approximately 0.5% this year. Following the results, several Wall Street analysts, including those at JP Morgan, RBC, Morgan Stanley, Piper Sandler, and TD Cowen, raised their price targets on Ford.