Ford Motor Company (NYSE:F) outperformed Wall Street forecasts with its fourth-quarter results and presented an optimistic outlook for the year ahead, causing its shares to rise by over 4% intra-day today.

The automaker announced adjusted earnings per share (EPS) of $0.29 on revenue of $46.00 billion, surpassing the expectations of analysts, who had projected an EPS of $0.12 on revenue of $43.04 billion.

For 2024, Ford set its sights on adjusted earnings before interest and taxes (EBIT) between $10 billion and $12 billion, with adjusted free cash flow in the range of $6 billion to $7 billion.