Summary
Ford Motor Company reported a mixed financial performance for the second quarter and first half of 2024. Total revenues saw an increase year-over-year, driven by higher sales in the Ford Pro segment and some recovery in Ford Blue. However, net income and adjusted EBIT declined due to significant cost pressures, particularly in the Ford Blue segment, and continued losses in the Ford Model e segment. The company is navigating a challenging electric vehicle market characterized by slower-than-anticipated adoption and pricing pressures, leading to a projected substantial loss for Ford Model e in 2024. Conversely, the Ford Pro segment continues to demonstrate robust growth and profitability. Ford Credit also reported increased net receivables and solid EBT, though with a slightly higher loss-to-receivables ratio and lower auction values. The company is actively managing its costs and investments, particularly in its EV strategy, while maintaining a strong liquidity position.
Financial Highlights
50 data points| Revenue | $47.81B |
| Cost of Revenue | $40.49B |
| Gross Profit | $7.32B |
| SG&A Expenses | $2.68B |
| Operating Expenses | $45.92B |
| Operating Income | $1.88B |
| Net Income | $1.83B |
| EPS (Basic) | $0.46 |
| EPS (Diluted) | $0.46 |
| Shares Outstanding (Basic) | 3.98B |
| Shares Outstanding (Diluted) | 4.02B |
Key Highlights
- 1Total revenues increased by 6% to $47.8 billion in Q2 2024 and by 5% to $90.6 billion in the first half of 2024, compared to the prior year.
- 2Net income attributable to Ford Motor Company decreased to $1.83 billion in Q2 2024 from $1.92 billion in Q2 2023, and fell to $3.16 billion in the first half of 2024 from $3.67 billion.
- 3Company Adjusted EBIT saw a significant decline, down to $2.76 billion in Q2 2024 from $3.79 billion in Q2 2023, and down to $5.52 billion in the first half of 2024 from $7.17 billion.
- 4Ford Blue segment EBIT decreased substantially by $1.14 billion year-over-year in Q2 2024, primarily due to higher warranty and material costs.
- 5Ford Model e segment continued to report losses, with an EBIT loss of $1.14 billion in Q2 2024, a slight increase from $1.08 billion in the prior year, impacted by lower pricing and volumes.
- 6Ford Pro segment demonstrated strong performance, with EBIT increasing by $173 million to $2.56 billion in Q2 2024, driven by higher volume and favorable mix.
- 7Ford Credit reported total net receivables of $137.7 billion at June 30, 2024, up from $126.1 billion at June 30, 2023, with EBT of $343 million in Q2 2024, down from $390 million in Q2 2023.