Ford Motor Co. (F) shares rose more than 3% in after-hours trading after strong sales for commercial vehicles led to earnings beating expectations in the first quarter.

The Michigan automaker reported adjusted earnings per share of 49 cents, which beat Visible Alpha's consensus expectation of 42 cents. Revenue for the quarter of $42.8 billion was in line with estimatꦬes.

Commercia𒁏l Unit Shines, Electric Vehicle🅠 Revenue Falls

CEO John Farley singled out the success of the company's Ford Pro division, which caters to commercial customers, saying it was “growing volumes, revenue, and profitability—including EBIT margin—and services capabilities." Revenue in the segment was up 36% on demand for work trucks and e-transits as well as a desire for EV adoption in fleets.

Revenue at the company's traditional combustion engine and hybrid vehicles segment was down 13% year-on-year but remained profitable in all its markets. The company said much of the downturn was due to a slow ramp-up in production of the new 2024 F-150 pickup, but it is now being delivered to customers.

Ford's electric vehicle division was the weakest of the company, as revenue fell 84% over the year. The company said EV costs should improve but the ongoing pricing war among EV makers is putting pressure on the top line.

Shares Rise Amid Steady Guidance, Dividend

CFO John Lawler said the 澳洲幸运5官方开奖结果体彩网:guidance🎃 for full-year EBIT 🌊is unchanged but the company is now predicting adjusted 澳洲幸运5官方开奖结果体彩网:free cash flow of $6.5 billion to $7.5 billion, up from $6 billion to $7 billion, and 澳洲幸运5官方开奖结果体彩网:capital expenditures of $8 billion to $9 billion, which is softer than ♉the original $8 billion to $9.5 billion estimated. 

Ford also announced a regular second-quarter dividend of 15 cents a share, payable on Jun💜e 3.

Ford shares rose about 3% in after-hours trading. At Wednesday's close, the stock was up around 8% over the past year.