Ford Motor Co. (F) is one of the leading global auto manufacturers and auto financial services providers. The company’s product line boasts of heavyweights such as the legendary Ford Mustang and the F-Series truck, which has been the highest-selling vehicle in the U.S. for the last 33 years. It also owns the luxury vehicle brand, Lincoln.

Ford is gaining from its global expansion plans, efficient capital deployment and success of the One Ford plan. The company is renewing the majority of its product line-up and has planned several vehicle launches under the One Ford plan, which is helping boost sales. However, frequent product recalls and rising structural costs have been concerns for the company.

As a result, investors have been eagerly awaiting Ford’s latest earnings report. Let’s take a quick look at this Michigan-based automobile giant’s fourth-quarter release.

Estimate Trend & Surprise History

Investors should note that the recent earnings estimate for Ford for the fourth quarter has been has been inching down over the past week and month. However, the automaker has a track record of delivering positive earnings surprises. It has beaten the Zacks Consensus Estimate in 3 of the trailing 4 quarters with an average beat of around 5.8%.

Zacks Rank

Ford currently has a Zacks Rank #3 (Hold), but that could change following its earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:

Earnings Top Again

Ford raked in adjusted earnings of 26 cents per share that topped the Zacks Consensus Estimate of 22 cents. However, adjusted earnings were lower than 32 cents in the year-ago quarter.

Revenues Came Ahead

Ford logged revenues of $35.9 billion, beating the Zacks Consensus Estimate of $34.1 billion but lower than $37.6 billion posted a year-ago.

Key Stats/Developments to Note

Ford reported a 2% decline in wholesale volumes to 1.58 million in the fourth quarter. The decline was due to lower volume in North America.

Ford affirmed the pre-tax profit guidance, excluding special items, in the range of $8.5 billion to $9.5 billion for 2015. This is substantially higher than $6.3 billion recorded in 2014 as Ford expects better results from all five geographic segments in 2015. Automotive revenues, operating margin and operating-related cash flow are also expected to be higher than 2014.

Market Reaction

Ford’s share price, which was falling over the last three trading sessions, gained 2.28% following the release. Clearly, the initial reaction to the release is positive.