Ford (F) reported a fourth quarter earnings and revenue beat, with full-year profit coming in slightly higher than expected, but the company issued muted full-year guidance. The results come after rival GM (GM) reported strong results but declined to return more cash to shareholders.

Ford achieved a $1.8 billion net income in the last three months of 2024, reversing a half-a-billion-dollar loss from the year prior on $48.2 billion in revenue, which was up 5%. Adjusted operating income for the quarter was up 91% to $2.1 billion.

Ford Motor on Wednesday projected up to $5.5 billion in losses on its electric vehicle and software operations this year, a loss similar to last year and a sign of the severe difficulties in cutting costs on battery-powered models.