In the first quarter of the year, Ford Motor Company managed to surpass Wall Street's earnings expectations, driven by robust sales of its trucks and other commercial vehicles. This positive performance helped offset the losses incurred by its electric vehicle division.

Despite the challenges faced by its electric vehicle unit, Ford's strong performance in its traditional business, known as Ford Blue, contributed to the overall positive result. Adjusted earnings for Ford Blue were reported at $905 million, showing a 66% decrease compared to the same period last year. This decline was primarily attributed to the delayed shipments of the company's refreshed F-150 pickup, which were held back to address quality issues.

However, Ford Pro, the commercial division of the automaker, saw a remarkable 120% increase in earnings, totaling $3.01 billion during the first quarter. This growth was a testament to the strong demand for Ford's commercial vehicles.

Although Ford's Model e electric vehicle unit suffered a loss of $1.32 billion from January to March, the company had already anticipated this as part of its 2024 guidance. Ford had projected losses of approximately $5 billion to $5.5 billion for its EV business in 2021. Despite the setback, the company remains committed to its electric vehicle strategy and aims to enhance its position in the market.

In terms of financial outlook, Ford maintained its 2024 guidance for adjusted earnings before interest and taxes (EBIT), with expectations between $10 billion and $12 billion. The company slightly adjusted its capital expenditure forecasts, narrowing it down to between $8 billion and $9 billion, compared to the initial estimate of $8 billion to $9.5 billion. Moreover, Ford raised its adjusted free cash flow expectations for the year, now anticipating a range of $6.5 billion to $7.5 billion, up from the previous outlook of $6 billion to $7 billion.

While Ford managed to surpass earnings estimates, it slightly fell short of automotive revenue expectations. Analysts had projected automotive revenue of $40.10 billion, but Ford reported revenue of $39.89 billion.

Ford's strong first-quarter performance sets a positive tone for the company as it continues to navigate the evolving automotive landscape. With a focus on its commercial vehicle segment and a long-term commitment to the electric vehicle market, Ford aims to strengthen its position and drive future growth.

Please note that this article is based on the information available at the time of writing and may be subject to updates or changes.

- CNBC's Michael Bloom contributed to this report.

This is a developing story; please check back for updates.