Wednesday evening, Ford reported first-quarter earnings of 49 cents a share and an operating profit of $2.8 billion from sales of $42.8 billion. Wall Street was looking for earnings of 43 cents a share and an operating profit of $2.5 billion on sales of $42.9 billion, according to FactSet. Ford stock rose 2.3% to $13.25 in after-hours trading.

Shares of Ford Motor Co. rose 4% after hours Wednesday after the carmaker kept losses from its EV business in check and reported a better-than-expected quarterly profit. The automaker’s bet on hybrids also continued to pay off, with Ford saying its hybrid-vehicle sales were up 36% and were on track for a projected 2024 sales growth of 40%.

CFO John Lawler said the guidance for full-year EBIT is unchanged but the company is now predicting adjusted free cash flow of $6.5 billion to $7.5 billion, up from $6 billion to $7 billion, and capital expenditures of $8 billion to $9 billion, which is softer than the original $8 billion to $9.5 billion estimated.

Car maker Ford gets granular by reporting numbers for gas-powered vehicles, electric vehicles, and the Ford Pro commercial business.

Sales of Ford Motor trucks and other commercial vehicles led the automaker to beat Wall Street's earnings estimates for the first quarter.

The strength of the company’s commercial division offset losses for electric vehicles, fueling better-than-expected Q1 results for Ford (NYSE:F) and driving shares 3% higher in after-hours trade. Ford’s (F) Q1 revenue increased 3% to $42.