$F (+0.83%) | Ford Q3'24 Earnings Highlights:

🔹 Adj EPS: $0.49 (Est. $0.49) 🟡

🔹 Revenue: $46.2B (Est. $41.9B) 🟢; UP +5% YoY

🔸 Net Income: $0.9B (vs. $1.2B YoY); Impacted by a $1B EV-related charge

FY24 Outlook:

🔹 Adj EBIT: ~$10B (Prior: $10B-$12B) 🔴 (Est. $10.63B)

🔹 Ford Blue EBIT: ~$5B (Prev. $6B-$6.5B) 🔴

🔹 Ford Pro EBIT: ~$9B

🔹 Model e: Full-year loss of ~$5B

🔹 Ford Credit EBT: ~$1.6B

🔹 Adjusted Free Cash Flow: $7.5B-$8.5B

🔹 Capital Expenditure: $8B-$8.5B

Other Q3 Metrics:

🔸 Adjusted EBIT: $2.6B (UP +$352M YoY)

🔹 Adjusted Free Cash Flow: $3.2B (vs. $1.2B YoY)

Business Segment Performance: Ford Pro:

🔹 Revenue: $15.7B; UP +13% YoY

🔹 EBIT: $1.81B; EBIT Margin: 11.6%

🔹 Driven by strong demand for Super Duty trucks and Transit vans

🔹 Ford Pro Intelligence subscriptions grew 30% to 630,000 users

Ford Blue:

🔹 Revenue: $26.2B; UP +3% YoY

🔹 EBIT: $1.63B; EBIT Margin: 6.2%

🔹 Hybrid vehicle sales UP +30% YoY; Ford commands 77% of U.S. hybrid truck market

🔹 Market share in the U.S. grew by 40 bps to 12.6%

🔹 North America volume UP +8%, offset by discontinued low-margin ICE vehicles

Ford Model e:

🔹 Revenue: $1.2B; DOWN -33% YoY

🔹 EBIT: -$1.2B; Margin: -104.4%

🔹 Industrywide EV pricing pressure, partially offset by $500M cost improvements YoY

Ford Credit:

🔹 EBT: $544M; UP +$186M YoY

Operational Metrics:

🔹 Cash: $28B, Liquidity: $46B

🔹 Operating Cash Flow: $5.5B (vs. $4.6B YoY)

🔹 Wholesale Units: 1.095M (UP +9K YoY)

Strategic Highlights:

🔸 Ford continues to restructure its business under Ford+ to drive higher growth and margins.

🔸 Global hybrid vehicle mix is on track to approach 9% by year-end.

🔸 New product launches: Ford Explorer and Lincoln Aviator (Q3); Maverick, Bronco Sport, Expedition, and Navigator in late 2024 and early 2025.