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Earnings Preview: Ford and Boeing

Ford and Boeing first quarter earnings will highlight two companies facing serious challenges even as they post strong profits to start the year.

Ford: Strong U.S. Biz Offsets Europe Losses

In North America, Ford is running on all cylinders: picking up market share, growing pick-up truck sales and likely posting its most profitable first quarter ever when it reports on Wednesday. That's the good news. The bad news is that Europe remains a drag on the company and its stock price.

Ford has already warned it expects to lose $2 billion in Europe this year. The main question on the earnings call will be whether Ford is seeing any sign its restructuring in Europe will limit losses anytime soon.

(Read More: Ford Expects 40% of Sales From China By End of Decade)

Analysts expect Ford to report first quarter earnings per share of 37 cents on $33.78 billion in revenues, according to Thomson Reuters.

Boeing: Dreamliner Grounding Costs

Boeing, which also reports Wednesday, is on the cusp of seeing its Dreamliner get back in the air. While that is good news, there are still plenty of questions about how much the grounding of the Dreamliner and fixing them will cost the company.

Some of the airlines that already took delivery of the Dreamliner before the grounding have said they want cash compensation for the money they have lost pulling the plane from their schedules. Boeing CEO Jim McNerney will face numerous questions about getting the 787 back in the air.

(Read More: Earnings Preview: Airlines Expected to Soar)

Boeing is expected to report first quarter earnings per share of $1.47 on $18.83 billion in revenues, according to analysts polled by Thomson Reuters.

—By CNBC's Phil LeBeau; Follow him on Twitter @LeBeauCarNews