Ford Motor Company’s profits in North America rose to $1.23 billion during the second quarter, an 18.6 percent increase from last year.  In addition, the company’s global revenues reached an all-time high of $38.1 billion, compared to $33.3 billion in the second quarter of 2012. The profit growth has exceeded the expectations of the most optimistic analysts. 

The Dearborn-based automaker has been accumulating profit growth for 16 consecutive quarters.

Although Ford still lost $348 million in Europe this quarter, the company cut down its losses by about $55 million from last year’s second quarter.

Ford Motor Company shares soared to $16.94 on Wednesday, July 24. In comparison, they were trading at only $9 last year.