Ford Motor Company had reported a stronger-than-expected third-quarter profit. It raised its full-year earnings forecast as solid demand for its trucks helped offset the hit from a global semiconductor shortage. Ford said increased availability of chips and higher wholesale vehicle shipments in the third quarter enabled it to post a higher profit, revenue, and cash flow from the previous quarter. The worldwide shortage of computer chips has left car manufacturers unable to complete the assembly of some new vehicles.

In an indication that it is managing the chip shortage better than its rival, Ford, with sales of $35.7 billion, generated more revenue than competitor General Motors Co. GM earlier on Wednesday reported quarterly revenue of $26.8 billion.

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The carmaker announced it would restore a quarterly dividend, paying shareholders 10 cents a share or $400 million in total in the fourth quarter.

In an earnings call after the stock-market close, Chief Financial Officer John Lawler said Ford expects fourth-quarter wholesale volume to rise 10 per cent, after jumping 30 per cent from the second quarter to the third. Wholesale shipments are large to dealers.