Ford Motor on Wednesday evening delivered higher than expected profits in the first quarter, driven by strength in its commercial business. Quarterly commentary Ford Blue , which represents Ford's gas-powered and hybrid vehicles, saw volumes and revenues down 11% and 13%, respectively. The lower volumes shouldn't be much of a surprise given Ford's pivot toward making more in-demand hybrids and ICE vehicles. Ford raised its adjusted free cash flow outlook for the year by $500 million to between $6.5 billion and $7.5 billion. Lowered capex with higher profits is what we want to see because greater capital efficiency should translate to a higher multiple.

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