Ford Q3 2024 earnings were headlined by $900 million in net income on $46.2 billion in revenue. Compared to the third quarter of 2023, the results represent a 25 percent drop in net income and a 5.5 percent increase in revenue.
The performance also represents a net income margin of 1.9 percent, down 0.8 percentage points from 2.7 percent in Q3 2023. Earnings per share (EPS) diluted was $0.22, down $0.08 from $0.30 in Q3 2023. Cash flow from operating activities was $5.5 billion, up $0.9 billion or 19.6 percent from the $4.6 billion in Q3 2023.
FoMoCo Q3 2024 Earnings Summary
| METRIC | UNIT | Q3 2024 | Q3 2023 | CHANGE | % CHANGE |
|---|---|---|---|---|---|
| WHOLESALE UNITS | THOUSANDS OF VEHICLES | 1,095 | 1,086 | 9 | 0.83% |
| GAAP METRICS | |||||
| REVENUE | BILLION USD | $46.2 | $43.8 | +$2.4 | +5.5% |
| NET INCOME | MILLION USD | $0.9 | $1.2 | $-0.3 | -25% |
| NET INCOME MARGIN | PERCENT | 1.9% | 2.7% | -0.8 PPTS | N/A |
| EARNINGS PER SHARE (EPS) DILUTED | USD PER SHARE | $0.22 | $0.30 | $-0.08 | -26.7% |
| CASH FLOW FROM OPERATING ACTIVITIES | BILLION USD | $5.5 | $4.6 | +$0.9 | +19.6% |
| NON GAAP METRICS | |||||
| ADJUSTED FREE CASH FLOW | BILLION USD | $3.2 | $1.2 | +$2.0 | +166.7% |
| EBIT-ADJUSTED | BILLION USD | $2.6 | $2.2 | +$0.4 | +18.2% |
| EBIT-ADJUSTED MARGIN | PERCENT | 5.5% | 5.0% | +0.5 PPTS | N/A |
| EPS DILUTED - ADJUSTED | BILLION USD | $0.49 | $0.39 | +$0.10 | +25.6% |
| ROIC - ADJUSTED | PERCENT (TRAILING FOUR QTRS) | 11.4 | 15.1 | -3.7 PPTS | N/A |
Earnings
Earnings Before Interest and Taxes, adjusted (EBIT-adjusted) was $2.6 billion, up $0.4 billion or 18.2 percent compared to the $2.2 billion during the year-ago quarter, on to an EBIT-adjusted margin of 5.5 percent, up 0.5 percentage points from the 5.0 percent in Q3 2023.
Diluted earnings per share – adjusted (EPS-adjusted) was $0.49, up $0.10 or 25.6 percent from $0.39 in the year-ago quarter.
Global Sales
Ford Motor Company recorded 1.095 million vehicle deliveries globally during Q3 2024, up less than one percent or around 9K units year-over-year compared to the 1.086 million deliveries during the same time frame a year ago.
FoMoCo Q3 2024 Earnings - Divisional Summaries
| METRIC | UNIT | Q3 2024 | CHANGE |
|---|---|---|---|
| FORD BLUE | |||
| WHOLESALES | THOUSANDS OF VEHICLES | 721 | -2% |
| REVENUE | BILLION USD | $26.2 | +3% |
| EBIT | MILLION USD | $1,627 | -$91 |
| EBIT-ADJUSTED MARGIN | PERCENT | 6.2% | -0.5 PPTS |
| FORD MODEL E | |||
| WHOLESALES | THOUSANDS OF VEHICLES | 32 | -11% |
| REVENUE | BILLION USD | $1.2 | -33% |
| EBIT | MILLION USD | -$1,224 | +$105 |
| EBIT-ADJUSTED MARGIN | PERCENT | -$104.40 | -28.8 PPTS |
| FORD PRO | |||
| WHOLESALES | THOUSANDS OF VEHICLES | 342 | +9% |
| REVENUE | BILLION USD | $15.7 | +13% |
| EBIT | MILLION USD | $1,814 | +$160 |
| EBIT-ADJUSTED MARGIN | PERCENT | 11.6% | -0.4 PPTS |
Ford Blue
Ford Blue, the company’s gasoline and hybrid vehicle business, reported:
- 721K vehicle deliveries, down two percent year-over-year
- $26.2 billion in revenue, up three percent year-over-year
- $1.627 billion in Earnings Before Interest and Tax (EBIT), down $92 million over a year ago, on to an EBIT-adjusted margin of 6.2 percent, down 0.5 percentage points
Ford Model E
Ford Model E, the automaker’s emerging electric vehicle division, posted:
- 32K vehicle deliveries, down 11 percent year-over-year
- $1.2 billion in revenue, down 33 percent year-over-year
- -$1.224 billion in Earnings Before Interest and Tax (EBIT), a loss that’s $105 million higher than during the same time frame a year ago, on to an EBIT-adjusted margin of -$104.4 percent
Ford Pro
Ford Pro, the division focused on commercial vehicles and customers, posted:
- 342K vehicle deliveries, up 9 percent year-over-year
- $15.7 billion in revenue, up 13 percent year-over-year
- $1.814 billion in Earnings Before Interest and Tax (EBIT), up $160 billion over a year ago, on to an EBIT-adjusted margin of 11.6 percent, down 0.4 percentage points
Guidance
Ford announced that it now expects the following results for the full 2024 calendar year:
- Adjusted EBIT of about $10 billion
- Adjusted free cash flow between $7.5 billion and $8.5 billion
- Capital expenditures between $8 and $8.5 billion
- Ford Credit earnings before taxes of around $1.6 billion
The company expects full-year EBIT for its three divisions as follows:
- Ford Blue of about $5 billion
- Model e loss of about $5 billion
- Ford Pro of about $9 billion
The company plans to report fourth-quarter 2024 financial results following the close of market on February 5th, 2025.
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