DETROIT – Ford Motor is expected Wednesday to report a profit for the first quarter despite an ongoing semiconductor chip shortage that has depleted vehicle inventories and caused the company to shutter some of its factories.

Here’s what Wall Street is expecting, based on average analysts’ estimates compiled by Refinitiv:

Adjusted earnings: 21 cents a share
Revenue: $32.23 billion
While Wall Street will be watching Ford’s earnings, it will be more interested in any change to the company’s guidance for 2021 due to the chip shortage.

Ford previously said it expected the parts problem could lower its earnings by $1 billion to $2.5 billion in 2021. Without releasing any new guidance, the company last month said it “will provide an update on the financial impact of the semiconductor shortage” when it reports its first-quarter earnings.

On a more positive note, the lower inventories and lack of production have led to higher profits per vehicle for automakers.

Wall Street also is watching for any additional business changes by Ford CEO Jim Farley, who replaced Jim Hackett effective Oct. 1, and any updates on the company’s electric vehicle plans.

Ford announced Tuesday that it will “eventually” manufacture its own batteries and battery cells. However, the company declined to discuss a timeline to do so. In November, Farley said Ford was “absolutely” interested in following Tesla and General Motors in producing its own batteries for electric vehicles in the U.S.

Shares of Ford are up nearly 90% since Farley became CEO, including more than 40% in 2021. The company’s market cap is more than $48 billion.