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Ford
🇺🇸 NYSE:F
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Jun 30, 2024

Ford Q2 2024 Earnings Report

Ford's Q2 2024 performance highlighted progress on Ford+ plan, strength in Ford Pro, quality improvements, and hybrid growth.

Key Takeaways

Ford reported Q2 2024 revenue of $47.8 billion, net income of $1.8 billion, and adjusted EBIT of $2.8 billion. Ford Pro's EBIT reached $2.6 billion with a 15% margin. The company raised its adjusted free cash flow outlook for the year by $1 billion.

Ford Pro's EBIT was $2.6 billion with a 15% margin, driven by a 9% revenue increase.

Ford Blue hybrid sales increased by 34%, representing nearly 9% of the company’s global vehicle mix.

Ford Model e costs were reduced by approximately $400 million.

Ford raised its adjusted free cash flow outlook for 2024 by $1 billion, expecting between $7.5 billion and $8.5 billion.

Total Revenue
$47.8B
Previous year: $42.4B
+12.7%
EPS
$0.47
Previous year: $0.72
-34.7%
Gross Profit
$4.53B
Previous year: $7.48B
-39.5%
Cash and Equivalents
$20B
Previous year: $26.4B
-24.4%
Free Cash Flow
$3.2B
Total Assets
$277B
Previous year: $266B
+4.0%

Ford

Ford

Ford Revenue by Segment

Forward Guidance

Ford anticipates a solid full-year 2024 operating performance, with adjusted EBIT between $10 billion and $12 billion, and adjusted free cash flow between $7.5 billion and $8.5 billion.

Positive Outlook

  • Ford Pro's full-year EBIT outlook is up to $9.0 billion to $10.0 billion due to further growth and favorable product mix.
  • Ford is on course for a solid full-year 2024 operating performance.
  • Capital expenditures for the year are anticipated to be between $8.0 billion and $9.0 billion.
  • Earnings before taxes from Ford Credit are expected to be about $1.5 billion, a double-digit percentage increase from 2023.
  • Ford's guidance range for adjusted EBIT remains $10 billion to $12 billion.

Challenges Ahead

  • Ford Blue's full-year EBIT outlook is down to $6.0 billion to $6.5 billion, reflecting higher warranty costs than originally planned.
  • Ford Model e is expected to have a full-year loss of $5.0 billion to $5.5 billion due to continued pricing pressure and investments in next-generation electric vehicles.
  • Profitability was affected by an increase in warranty reserves.
  • Ford Model e had an EBIT loss of $1.1 billion amid ongoing industrywide pricing pressure on first-generation electric vehicles and lower wholesales
  • Still have lots of work ahead of us to raise quality and reduce costs and complexity

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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