Ford Motor(F)2024-10-28 20:07Revenue and Financial Performance - Ford reported Q3 2024 revenue of $46 billion, up 5% year-over-year, marking the 10th consecutive quarter of revenue growth[5] - Ford's total revenues for Q3 2024 were $46.196 billion, up from $43.801 billion in Q3 2023[27] - Revenues for the third quarter of 2024 were $46,196 million, with $43,069 million from company excluding Ford Credit and $3,127 million from Ford Credit[31] - Revenue for the first nine months of 2024 was $136.8 billion[36] - Ford Pro revenue increased 13% in Q3 2024, with paid software subscriptions up 30% to nearly 630,000 users[2] - Ford Blue revenue grew 3% to $26.2 billion in Q3 2024, despite a 2% decline in global wholesales[11] - Ford Credit reported Q3 2024 earnings before taxes (EBT) of $544 million, an increase of $186 million year-over-year[17] - Ford's Ford Credit revenues for Q3 2024 were $3.127 billion, up from $2.625 billion in Q3 2023[27] - Total financing revenue increased to $9,522 million in the first nine months of 2024, up from $7,956 million in 2023[44] - Retail financing revenue surged to $4,113 million in the first nine months of 2024, compared to $3,046 million in 2023[44] - Dealer financing revenue climbed to $2,170 million in the first nine months of 2024, up from $1,721 million in 2023[44] Net Income and Profitability - Net income for Q3 2024 was $0.9 billion, down $0.3 billion from Q3 2023, largely due to a $1 billion EV-related charge[6] - Ford's net income for Q3 2024 was $896 million, down from $1.173 billion in Q3 2023[27] - Net income for the first nine months of 2024 was $4,063 million, compared to $4,852 million in the same period of 2023[29] - Net income attributable to Ford Motor Company for the first nine months of 2024 was $4,055 million, compared to $3,073 million in the same period of 2023[32] - Net income/(loss) for the first nine months of 2024 was $4,063 million[34] - Net income rose to $982 million in the first nine months of 2024, compared to $765 million in 2023[44] - Diluted After-Tax Results (GAAP) for Q3 2023 were $1.199 billion, compared to $892 million in Q3 2024[37] - Adjusted Net Income - Diluted (Non-GAAP) for Q3 2023 was $1.575 billion, increasing to $1.958 billion in Q3 2024[37] - Adjusted Earnings Per Share - Diluted (Non-GAAP) for Q3 2023 was $0.39, rising to $0.49 in Q3 2024[37] EBIT and Adjusted EBIT - Adjusted EBIT for Q3 2024 was $2.6 billion, a $352 million improvement year-over-year[7] - Ford expects full-year 2024 adjusted EBIT of about $10 billion and adjusted free cash flow between $7.5 billion and $8.5 billion[18] - Ford Pro generated $1.8 billion in EBIT in Q3 2024, with a margin of 11.6% on revenue of $15.7 billion[10] - Ford Model e reported an EBIT loss of $1.2 billion in Q3 2024, with $500 million in year-over-year cost improvements[15] - Company Adjusted EBIT for the first nine months of 2024 was $8,070 million[36] - Company Adjusted EBIT Margin for the first nine months of 2024 was 5.9%[36] - Total EBIT Special Items for Q3 2023 were $0.5 billion, increasing to $1.4 billion in Q3 2024[43] Cash Flow and Capital Expenditures - Net cash provided by operating activities for the first nine months of 2024 was $12,395 million, slightly lower than $12,426 million in 2023[29] - Capital spending for the first nine months of 2024 was $6,186 million, an increase from $5,941 million in 2023[29] - Net cash provided by operating activities for the first nine months of 2024 was $12,395 million[34] - Capital spending for the first nine months of 2024 totaled $6,186 million[34] - Acquisitions of finance receivables and operating leases amounted to $44,942 million for the first nine months of 2024[34] - Company Adjusted Free Cash Flow (Non-GAAP) for the first nine months of 2023 was $4.837 billion, increasing to $5.945 billion in 2024[40] - Net cash provided by operating activities increased to $2,032 million in the first nine months of 2024, up from $1,564 million in 2023[46] - Net cash used in investing activities rose to $10,338 million in the first nine months of 2024, compared to $5,204 million in 2023[46] Assets, Liabilities, and Equity - Ford's total assets increased to $287.047 billion as of September 30, 2024, compared to $273.310 billion at the end of 2023[28] - Ford's total liabilities rose to $242.708 billion as of September 30, 2024, from $230.512 billion at the end of 2023[28] - Ford's equity attributable to Ford Motor Company grew to $44.315 billion as of September 30, 2024, up from $42.773 billion at the end of 2023[28] - Total assets as of September 30, 2024, were $287,047 million, including $156,416 million from Ford Credit[33] - Long-term debt as of September 30, 2024, was $103,694 million, with $84,623 million from Ford Credit[33] - Total assets grew to $157,056 million as of September 30, 2024, from $149,205 million at the end of 2023[45] - Total liabilities increased to $143,026 million as of September 30, 2024, from $135,816 million at the end of 2023[45] - Cash, cash equivalents, and restricted cash decreased to $8,579 million as of September 30, 2024, from $10,775 million at the end of 2023[46] Operating Income and Expenses - Ford's operating income for Q3 2024 was $880 million, a decrease from $1.129 billion in Q3 2023[27] - Operating income for the third quarter of 2024 was $880 million, with $445 million from company excluding Ford Credit and $435 million from Ford Credit[31] - Ford's cost of sales for Q3 2024 was $40.168 billion, up from $37.548 billion in Q3 2023[27] - Ford's selling, administrative, and other expenses for Q3 2024 were $2.456 billion, down from $2.671 billion in Q3 2023[27] - Depreciation and tooling amortization for the first nine months of 2024 was $5,636 million[34] Debt and Financing - Proceeds from issuance of long-term debt for the first nine months of 2024 were $43,579 million[34] - Payments of long-term debt for the first nine months of 2024 were $35,563 million[34] - Net financing margin improved to $2,076 million in the first nine months of 2024, up from $1,691 million in 2023[44] Hybrid and EV Performance - Global hybrid vehicle sales increased 30% in Q3 2024, with Ford commanding 77% of the U.S. hybrid truck market[13] - Ford Model e reported an EBIT loss of $1.2 billion in Q3 2024, with $500 million in year-over-year cost improvements[15] Tax and ROIC - Adjusted Effective Tax Rate (Non-GAAP) for Q3 2023 was 13.9%, increasing to 19.2% for the first nine months of 2024[38] - Adjusted ROIC (Non-GAAP) for the four quarters ending Q3 2023 was 15.1%, decreasing to 11.4% for the same period in 2024[42] Earnings Per Share - Ford's basic earnings per share for Q3 2024 were $0.22, down from $0.30 in Q3 2023[27] - Adjusted Earnings Per Share - Diluted (Non-GAAP) for Q3 2023 was $0.39, rising to $0.49 in Q3 2024[37]