Ford (F) sꦆhares rose more than 6% in after-hours trading Tuesday after the compཧany reported better-than-expected fourth-quarter earnings, projected strong 2024 earnings and announced plans to return more cash to shareholders.

Ford posted 澳洲幸运5官方开奖结果体彩网:earnings per share of 29 cents, down from 51 cents a share a year earlier but more than double analysts’ expectations. Fourth-quarter revenue rose 4% to $46 billion, also beating expectations.

For 2024, Ford forecast adjusted earnings of $10 billion to $12 billion before interest and taxes, compared to $10.4 billion in 2023. Those projections are at the higher end of the $10 billion to $10.5 billion the company predicted in November when it was hampered by a 澳洲幸运5官方开奖结果体彩网:six-week strike from the United Auto Workers union.

The company projects profits this year of between $8 billion and $9 billion at its Ford Pro commercial business. I🌼t sees a profit of $7 billion-$7.5 billion at its Ford Blue unitܫ, which comprises gas and hybrid vehicles.

However, the company said its relatively small Ford Model e electric vehicle business is likely to post a loss of between $5 billion and $5.5 billion, as pricing pressures in the EV market continue to weigh on profitability. Losses for Ford's investment-intensive electric vehicle unit have grown steadily over the past year and totaled $4.7 billion in 2023.

Ford noted in its press release that "mainstream customer adoption of EVs (is) happening at a slower rate than the industry expected" and reiterated that the company is "deferring certain capital investments in EVs until they’re justified by demand and prospects for acceptable returns."

Nonetheless, according to Chief Financial Officer John Lawler, Ford is developing next generation EVs that the company expects will be profitable within a year of launch. "EVs are here to stay, customer adoption is growing, and their long-term upside is central to Ford,” he said.

Ford also a🌃nnounced a regular first-quarter dividend of 15 cents a share plus a supplemental dividend of 18 cents, to be paid on March 1. The company said it targets distributions to shareholders of 40% to 50% of adjusted free cash flow, which the automaker pegs at🥃 between $6 billion and $7 billion in 2024.

Ford shares gained 6.3% to $12.83 in after-hours trading. Through Tuesday's close, the stock was down about 10% over the past year.