$F (-0.38%) | Ford Q3'24 Earnings Highlights:
๐น Adj EPS: $0.49 (Est. $0.49) ๐ก
๐น Revenue: $46.2B (Est. $41.9B) ๐ข; UP +5% YoY
๐ธ Net Income: $0.9B (vs. $1.2B YoY); Impacted by a $1B EV-related charge
FY24 Outlook:
๐น Adj EBIT: ~$10B (Prior: $10B-$12B) ๐ด (Est. $10.63B)
๐น Ford Blue EBIT: ~$5B (Prev. $6B-$6.5B) ๐ด
๐น Ford Pro EBIT: ~$9B
๐น Model e: Full-year loss of ~$5B
๐น Ford Credit EBT: ~$1.6B
๐น Adjusted Free Cash Flow: $7.5B-$8.5B
๐น Capital Expenditure: $8B-$8.5B
Other Q3 Metrics:
๐ธ Adjusted EBIT: $2.6B (UP +$352M YoY)
๐น Adjusted Free Cash Flow: $3.2B (vs. $1.2B YoY)
Business Segment Performance: Ford Pro:
๐น Revenue: $15.7B; UP +13% YoY
๐น EBIT: $1.81B; EBIT Margin: 11.6%
๐น Driven by strong demand for Super Duty trucks and Transit vans
๐น Ford Pro Intelligence subscriptions grew 30% to 630,000 users
Ford Blue:
๐น Revenue: $26.2B; UP +3% YoY
๐น EBIT: $1.63B; EBIT Margin: 6.2%
๐น Hybrid vehicle sales UP +30% YoY; Ford commands 77% of U.S. hybrid truck market
๐น Market share in the U.S. grew by 40 bps to 12.6%
๐น North America volume UP +8%, offset by discontinued low-margin ICE vehicles
Ford Model e:
๐น Revenue: $1.2B; DOWN -33% YoY
๐น EBIT: -$1.2B; Margin: -104.4%
๐น Industrywide EV pricing pressure, partially offset by $500M cost improvements YoY
Ford Credit:
๐น EBT: $544M; UP +$186M YoY
Operational Metrics:
๐น Cash: $28B, Liquidity: $46B
๐น Operating Cash Flow: $5.5B (vs. $4.6B YoY)
๐น Wholesale Units: 1.095M (UP +9K YoY)
Strategic Highlights:
๐ธ Ford continues to restructure its business under Ford+ to drive higher growth and margins.
๐ธ Global hybrid vehicle mix is on track to approach 9% by year-end.
๐ธ New product launches: Ford Explorer and Lincoln Aviator (Q3); Maverick, Bronco Sport, Expedition, and Navigator in late 2024 and early 2025.