Ford Q1 2024 earnings were headlined by net income of $1.3 billion on $42.8 billion in revenue. Compared to the first quarter of 2023, the results represent a 24.1 percent increase in net income and a 3.1 percent increase in revenue.
The performance also represents a net income margin of 3.1 percent, down 1.1 percentage points from 4.2 percent in Q1 2023. Earnings per share (EPS) diluted was $0.33, down $0.11 from $0.44 in Q1 2023. Cash flow from operating activities was $1.4 billion, down $1.4 billion or 50 percent from the $2.8 billion in Q1 2023.
FoMoCo Q1 2024 Earnings Summary
| METRIC | UNIT | Q1 2024 | Q1 2023 | CHANGE | % CHANGE |
|---|---|---|---|---|---|
| GAAP METRICS | |||||
| REVENUE | BILLION USD | $42.8 | $41.5 | +$1.3 | +3.1% |
| NET INCOME | MILLION USD | $1,334 | $1,757 | $-423 | -24.1% |
| NET INCOME MARGIN | PERCENT | 3.1% | 4.2% | -1.1 PPTS | N/A |
| EARNINGS PER SHARE (EPS) DILUTED | USD PER SHARE | $0.33 | $0.44 | $-0.11 | -25% |
| CASH FLOW FROM OPERATING ACTIVITIES | BILLION USD | $1.4 | $2.8 | $-1.4 | -50% |
| NON GAAP METRICS | |||||
| ADJUSTED FREE CASH FLOW | BILLION USD | -$0.5 | $0.7 | -$1.2 | -171.4% |
| EBIT-ADJUSTED | BILLION USD | $2.8 | $3.4 | $-0.6 | -17.6% |
| EBIT-ADJUSTED MARGIN | PERCENT | 6.5% | 8.1% | -1.7 PPTS | N/A |
| EPS DILUTED - ADJUSTED | BILLION USD | $0.49 | $0.63 | $-0.14 | -22.2% |
| ROIC - ADJUSTED | PERCENT (TRAILING FOUR QTRS) | 12.7 | 13.5 | 0.8 PPTS | N/A |
| DELIVERIES | THOUSANDS | 1,045 | 1,056 | -11 | -1% |
Earnings
Earnings Before Interest and Taxes, adjusted (EBIT-adjusted) was $2.8 billion, down 0.6 billion or 17.6 percent compared to the $3.4 billion during the year-ago quarter, on to an EBIT-adjusted margin of 6.5 percent, down 1.7 percentage points from the 8.1 percent in Q1 2023.
Diluted earnings per share – adjusted (EPS-adjusted) was $0.49, down $0.14 or 22.2 percent from $0.63 in the year-ago quarter.
Global Sales
Ford Motor Company recorded 1.045 million vehicle deliveries globally during the quarter, down one percent or around 11K units year-over-year compared to the 1.056 million deliveries during the same time frame a year ago.
FoMoCo Q1 2024 Divisional Earnings
| METRIC | UNIT | Q1 2024 | CHANGE |
|---|---|---|---|
| FORD BLUE | |||
| WHOLESALES | THOUSANDS OF VEHICLES | 626 | -11% |
| REVENUE | BILLION USD | $21.8 | -13% |
| EBIT | MILLION USD | $905 | -$1,718 |
| EBIT-ADJUSTED MARGIN | PERCENT | 4.2% | -6.3 PPTS |
| FORD MODEL E | |||
| WHOLESALES | THOUSANDS OF VEHICLES | 10 | -20% |
| REVENUE | BILLION USD | $0.1 | -84% |
| EBIT | MILLION USD | -$1,320 | -$598 |
| EBIT-ADJUSTED MARGIN | PERCENT | N/M | N/M |
| FORD PRO | |||
| WHOLESALES | THOUSANDS OF VEHICLES | 409 | +21% |
| REVENUE | BILLION USD | $18.0 | +36% |
| EBIT | MILLION USD | $3,008 | +$1,642 |
| EBIT-ADJUSTED MARGIN | PERCENT | 16.7% | +6.4 PPTS |
Ford Blue
Ford Blue, the company’s gasoline and hybrid vehicle business, reported:
- 758K vehicle deliveries, flat year-over-year
- $26.2 billion in revenue, flat year-over-year
- $813 million in Earnings Before Interest and Tax (EBIT), down $1.7 billion over a year ago, on to an EBIT-adjusted margin of 4.2 percent, down 6.3 percentage points
Ford Model E
Ford Model E, the automaker’s emerging electric vehicle division, posted:
- 10K vehicle deliveries, down 20 percent year-over-year
- $0.1 billion in revenue, down 84 percent year-over-year
- -$1.32 billion in Earnings Before Interest and Tax (EBIT), a loss that’s $598 million higher than during the same time frame a year ago
Ford Pro
Ford Pro, the division focused on commercial customers, posted:
- 409K vehicle deliveries, up 21 percent year-over-year
- $18.0 billion in revenue, up 36 percent year-over-year
- $3 billion in Earnings Before Interest and Tax (EBIT), up $1.6 billion over a year ago, on to an EBIT-adjusted margin of 16.7 percent, up 6.4 percentage points
Guidance
Ford Motor Company CFO, John Lawler, said that Ford’s full-year adjusted EBIT guidance range is unchanged, with the company tracking to the higher end of the $10 billion to $12 billion range. The company now expects to generate adjusted free cash flow of $6.5 billion to $7.5 billion, up from the $6 billion to $7 billion provided in the initial outlook earlier this year.
Guidance for the 2024 calendar year is as follows:
- EBIT-adjusted of $10 billion – $12 billion
- Adjusted free cash flow of $6.5 billion to $7.5 billion, up from $6 billion to $7 billion provided in February 2024
- Capital expenditures of $8 billion to $9.5 billion
- Flat total costs on $2 billion in industrial cost improvements, offset by higher expenses for labor and major product refresh actions
- Ford Pro EBIT of at least $8 billion to $9 billion
- Ford Blue EBIT of about $7 billion to $7.5 billion
- Ford Model E loss of $5.0 billion to $5.5 billion
- Ford Credit Earnings Before Interest and Taxes (EBIT) of about $1.5 billion
This guidance assumes flat to modestly higher full-year U.S. industry volume with overall lower vehicle pricing. Upsides include benefit pricing and mix from 12 months of sales of the all-new Super Duty that Ford Pro introduced during 2023.
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