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Mar 31, 2024
Ford Q1 2024 Earnings Report
Ford's customer-centered strategy drove growth and profitability.
Key Takeaways
Ford reported a solid first quarter with revenue of $42.8 billion, net income of $1.3 billion, and adjusted EBIT of $2.8 billion. Ford Pro's revenue jumped 36%, and the company declared a second-quarter dividend of 15 cents per share.
First-quarter revenue reached $42.8 billion, a 3% increase year-over-year.
Net income for the quarter was $1.3 billion.
Ford Pro's revenue increased by 36% with EBIT more than doubled.
A second-quarter dividend of 15 cents per share was declared.
Revenue by Segment
Forward Guidance
Ford anticipates full-year adjusted EBIT to track towards the higher end of the $10 billion to $12 billion range and adjusted free cash flow to be between $6.5 billion and $7.5 billion.
Positive Outlook
- Full-year adjusted EBIT tracking to high end of $10 billion to $12 billion
- Adjusted FCF target raised to $6.5 billion to $7.5 billion
- Company remains on plan to achieve $2 billion in cost reductions in areas like materials, freight and manufacturing
- Segment-level EBIT outlook remains $8 billion to $9 billion for Ford Pro
- Segment-level EBIT outlook remains $7 billion to $7.5 billion for Ford Blue
Challenges Ahead
- EBIT loss of $5.0 billion to $5.5 billion for Ford Model e
- EV costs to improve going forward, but be offset by top-line pressure
- Adjusted free cash flow was a use of $500 million
- Working capital effects from about 60,000 vehicles that were in inventory at the end of the first quarter
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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