Back in January, Ford announced that it expected to record a pre-tax re-measurement loss of about $1.7 billion in the last quarter of 2023, losses it blamed on post-retirement benefits and employee pensions, specifically. On an after-tax basis, that loss was expected to lower the automaker’s net income by around $1.3 billion. When the final numbers rolled in a couple of weeks later, we learned that Ford suffered a net loss of $526 million on $46 billion in revenue, which represented a 138.5 percent decrease in net income and a 4.5 percent increase in revenue versus Q4 2022. Now, we can look ahead to the remainder of 2024, which Ford says hasn’t changed since its initial outlook back in February.
Ford CFO John Lawler is set to speak at the BofA Securities Auto Summit later today, and he’ll reportedly affirm the operating guidance that Ford provided in early February – adjusted earnings before interest and taxes (EBIT) of $10 billion to $12 billion, adjusted free cash flow of $6 billion to $7 billion, and capital expenditures of $8 billion to $9.5 billion. Ford plans to report first-quarter 2024 financial results on Wednesday, April 24th.
In addition to reiterating FoMoCo’s expectations for full-year 2024 operating results, Lawler will also touch on various other topics, mostly revolving around the company’s Ford+ plan to improve growth, margins and capital efficiency, and reduce cyclicality.
In this fireside chat, Lawler will discuss the achievements specific to each of The Blue Oval’s three business units as well – the Ford Blue division dedicated specifically to ICE-powered gas and hybrid vehicles, the commercial fleet focused Ford Pro division and its many connected vehicle technologies and services for business customers, and Ford Model e, which is devoted solely to the automaker’s all-electric vehicles and software-enabled capabilities and experiences.
We’ll have more on the state of Ford’s finances soon, so be sure and subscribe to Ford Authority for ongoing Ford news coverage.
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