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FORD MOTOR CO 8-K Report, Financial Results (Oct 28, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed October 28, 2024
Period End
October 28, 2024
Securities
FF-PCF-PDF-PB
In the record · 2016–202610-K1410-Q328-K283

F filed 14 annual reports (10-K), 32 quarterly reports (10-Q) and 283 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Feb ’18Feb ’18
  2. Leadership change8-K · Mar ’20Mar ’20
  3. Material agreement8-K · Jun ’22Jun ’22
  4. Material agreement8-K · May ’26May ’26

01—Abstract

Summary

Summary of the 8-K filed October 28, 2024. Cited figures are marked; the original filing is the authoritative source.

Ford Motor Company reported third-quarter 2024 results on October 28, 2024, with revenue of $46.2 billiona, up 5% year-over-year and the company's 10th consecutive quarter of year-over-year revenue growth.

GAAP net income fell to $0.9 billionb (diluted EPS $0.22) from $1.2 billion a year earlier, largely due to a previously announced $1 billion electric vehicle-related charge. Excluding special items, adjusted EBIT was $2.6 billion (5.5% margin), up $352 million year-over-year, and adjusted EPS was $0.49 versus $0.39. Operating cash flow was $5.5 billion and adjusted free cash flow was $3.2 billion, with roughly $28 billion in cash and $46 billion in liquidity at quarter-end.

The segment picture is mixed. Ford Pro was the standout, with revenue up 13% to $15.7 billionc and an 11.6% EBIT margin, supported by growing software subscriptions and mobile service activity. Ford Blue's EBIT fell to $1.6 billion on higher manufacturing costs and adverse exchange, though hybrid sales rose 30%.

Ford Model e posted a $1.2 billiond EBIT loss, with $500 million of year-over-year cost improvements offset by industrywide EV pricing pressure. Management cut its full-year 2024 adjusted EBIT outlook to about $10 billion (from prior guidance) and lowered adjusted free cash flow expectations to $7.5 billion to $8.5 billion, while capital expenditures are expected at $8 to $8.5 billion. The full-year Model e loss is now projected at about $5 billion.

The board declared a fourth-quarter regular dividend of $0.15 per share, payable December 2, 2024. Investors should weigh the strong Ford Pro growth and cost progress against EV losses and the lower full-year earnings trajectory.

02—Key points

Key Highlights

  1. Q3 2024 revenue of $46.2B, up 5% YoY, the 10th consecutive quarter of YoY revenue growth
  2. GAAP net income of $0.9B (diluted EPS $0.22) versus $1.2B ($0.30) a year ago, including a $1B EV-related charge
  3. Adjusted EBIT of $2.6B (5.5% margin), up $352M YoY; adjusted EPS of $0.49 versus $0.39
  4. Ford Pro revenue up 13% to $15.7B with an 11.6% EBIT margin; Ford Pro Intelligence paid subscriptions up 30% to nearly 630,000
  5. Ford Model e EBIT loss of $1.2B, with about $500M of YoY cost improvements offset by EV pricing pressure
  6. Full-year 2024 guidance: adjusted EBIT about $10B, adjusted FCF $7.5B-$8.5B, capex $8B-$8.5B, Model e loss about $5B
  7. Quarterly dividend of $0.15 per share declared, payable December 2, 2024; cash of about $28B and liquidity of $46B

03—Questions

Frequently Asked Questions

  1. Why did Ford's net income decline despite higher revenue?

    Net income fell to $0.9B from $1.2B mainly because of a previously announced $1B electric vehicle-related charge tied to actions to make the EV business more capital-efficient. Excluding special items, underlying profitability improved, with adjusted EBIT up $352M year-over-year.

  2. How is Ford's full-year 2024 outlook changing?

    Ford now expects adjusted EBIT of about $10B and adjusted free cash flow of $7.5B to $8.5B, with capital expenditures of $8B to $8.5B. Segment expectations are Ford Pro about $9B, Ford Blue about $5B, and a Model e loss of about $5B, with Ford Credit EBT around $1.6B.

  3. Which segment is driving Ford's performance?

    Ford Pro is the main contributor, with revenue up 13% and an 11.6% EBIT margin, helped by strong Super Duty and Transit demand and growing digital service subscriptions. Ford Blue's profit declined on higher costs and currency effects, and Model e remains loss-making, though losses are narrowing through cost reductions.

  4. Is Ford's dividend and liquidity position secure?

    Ford declared a fourth-quarter regular dividend of $0.15 per share, payable December 2, 2024, to holders of record on November 7. The company ended the quarter with about $28B in cash and $46B in total liquidity, and adjusted free cash flow of $3.2B in the quarter supports the payout.

  5. When will Ford report fourth-quarter 2024 results?

    Ford plans to report fourth-quarter 2024 financial results after the close of market on February 5, 2025.

04—Continue

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