DETROIT, (Reuters) –Ford Motor Co. on Wednesday reiterated its year-end profit projections. It cited strong vehicle pricing.

With adjusted earnings before taxes and interest of $2.3 billion, the automaker posted better than expected results for its first quarter. Its stake in Rivian, an electric vehicle manufacturer, was reduced by $3.1 billion.

Ford shares are up 3.5% at $15.30 during after-hours trade

Analysts were wrong by one penny when the automaker posted a first quarter operating profit of 38c per share. The revenue of $34.5 million also beat estimates of $31.1 trillion.

Ford stated that it expects to earn $11.5 billion-$12.5 billion in operating earnings in the next year, in spite of the conflict in Ukraine, disruptions in supply chains, inflation, and the rising U.S. rates, which have all had a negative impact on the sector.

According to the company, strong pricing will continue to be in place, with improved availability for semiconductors in second half of year and wholesale volume growth in excess of 10% to 15%.

Ford stated that, despite ongoing supply-chain problems, it was able “significantly to boost” production in March. The quarter saw Ford ship nearly 970,000 vehicles, a decrease of 9% compared to a year earlier.