Ford Q3 2024 Earnings: $900 Million In Income On $46.2 Billion In Revenue

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

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 Summary

Ford Blue

Ford Blue, the company’s gasoline and hybrid vehicle business, reported:

• 721K vehicle deliveries, down 2 percent year-over-year
• $26.2 billion in revenue, up 3 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
• -$1.389 million in Earnings Before Interest and Tax (EBIT), a loss that’s $181 million lower than during the same time frame a year ago, on to an EBIT-adjusted margin of -$98.1 percent

Ford Pro

Ford Pro, the division focused on commercial vehicles and customers, posted:

• 378K vehicle deliveries, up 4.7 percent year-over-year
• $16.2 billion in revenue, up 5.2 percent year-over-year
• $1.629 billion in Earnings Before Interest and Tax (EBIT), down 10 percent on to an EBIT-adjusted margin of 10 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 5^th, 2025.

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