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$F (-0.38%) | Ford Q3'24 Earnings Highlights:


๐Ÿ”น Adj EPS: $0.49 (Est. $0.49) ๐ŸŸก

๐Ÿ”น Revenue: $46.2B (Est. $41.9B) ๐ŸŸข; UP +5% YoY

๐Ÿ”ธ Net Income: $0.9B (vs. $1.2B YoY); Impacted by a $1B EV-related charge


FY24 Outlook:

๐Ÿ”น Adj EBIT: ~$10B (Prior: $10B-$12B) ๐Ÿ”ด (Est. $10.63B)

๐Ÿ”น Ford Blue EBIT: ~$5B (Prev. $6B-$6.5B) ๐Ÿ”ด

๐Ÿ”น Ford Pro EBIT: ~$9B

๐Ÿ”น Model e: Full-year loss of ~$5B

๐Ÿ”น Ford Credit EBT: ~$1.6B

๐Ÿ”น Adjusted Free Cash Flow: $7.5B-$8.5B

๐Ÿ”น Capital Expenditure: $8B-$8.5B


Other Q3 Metrics:

๐Ÿ”ธ Adjusted EBIT: $2.6B (UP +$352M YoY)

๐Ÿ”น Adjusted Free Cash Flow: $3.2B (vs. $1.2B YoY)


Business Segment Performance: Ford Pro:

๐Ÿ”น Revenue: $15.7B; UP +13% YoY

๐Ÿ”น EBIT: $1.81B; EBIT Margin: 11.6%

๐Ÿ”น Driven by strong demand for Super Duty trucks and Transit vans

๐Ÿ”น Ford Pro Intelligence subscriptions grew 30% to 630,000 users


Ford Blue:

๐Ÿ”น Revenue: $26.2B; UP +3% YoY

๐Ÿ”น EBIT: $1.63B; EBIT Margin: 6.2%

๐Ÿ”น Hybrid vehicle sales UP +30% YoY; Ford commands 77% of U.S. hybrid truck market

๐Ÿ”น Market share in the U.S. grew by 40 bps to 12.6%

๐Ÿ”น North America volume UP +8%, offset by discontinued low-margin ICE vehicles


Ford Model e:

๐Ÿ”น Revenue: $1.2B; DOWN -33% YoY

๐Ÿ”น EBIT: -$1.2B; Margin: -104.4%

๐Ÿ”น Industrywide EV pricing pressure, partially offset by $500M cost improvements YoY


Ford Credit:

๐Ÿ”น EBT: $544M; UP +$186M YoY


Operational Metrics:

๐Ÿ”น Cash: $28B, Liquidity: $46B

๐Ÿ”น Operating Cash Flow: $5.5B (vs. $4.6B YoY)

๐Ÿ”น Wholesale Units: 1.095M (UP +9K YoY)


Strategic Highlights:

๐Ÿ”ธ Ford continues to restructure its business under Ford+ to drive higher growth and margins.

๐Ÿ”ธ Global hybrid vehicle mix is on track to approach 9% by year-end.

๐Ÿ”ธ New product launches: Ford Explorer and Lincoln Aviator (Q3); Maverick, Bronco Sport, Expedition, and Navigator in late 2024 and early 2025.

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