Ford Motor Co. on Tuesday posted first-quarter net income of $1.8 billion, up from a $3.1 billion loss a year earlier, and reaffirmed its full-year guidance as the company bounces back from global supply chain shortages.

Ford posted first-quarter revenue of $41.5 billion, up 20 percent from the same period of 2022, and margins of 8.1 percent, up 1.4 percentage points. That was driven by a 9 percent increase in vehicle shipments, as well as a more favorable sales mix and higher net pricing.

“This quarter was much smoother,” CFO John Lawler said, comparing the results to the fourth quarter of 2022, where the company left $2 billion in profits on the table due to issues with its operational execution. 

Lawler said this quarter’s results were a “peek at what’s possible” from the company’s growth plans, called Ford +. 

In a call with analysts, CEO Jim Farley said he hopes Ford’s performance in the past quarter become a pattern of “boringly predictable…but extremely ambitious” earnings reports.

Its adjusted earnings before interest and taxes rose 45 percent to $3.4 billion. A majority of that — $2.6 billion — came from Ford Blue, the company’s gasoline-powered business.

Ford made $1.36 billion on its commercial business, Ford Pro, and lost $722 million on its electric vehicle business, Model e.

Company officials have said they expect losses from the EV business to increase nearly 50 percent to $3 billion this year, while it expects Ford Blue to make about $7 billion and Ford Pro to produce about $6 billion in earnings.

Ford still expects to approach contribution margin breakeven on EVs by the end of this year. It expects to make 8 percent margins on EVs by late 2026.

Farley praised the Ford Pro unit, saying sales from subscription services are increasing and helping it become a more “resilient” operation whose profits and losses are less cyclical than the traditional auto business.

Ford on Tuesday said it continues to target $9 billion to $11 billion in adjusted EBIT on the full year and about $6 billion in adjusted free cash flow.

Despite the strong sales numbers in the first quarter, Ford officials warned that increasing incentives could be a headwind for the remainder of the year.

The company finished the first-quarter with nearly $29 billion in cash and more than $46 billion in liquidity.