Ford Pro posts quarterly EBIT of $2.6 billion – a 15% margin – on 9% revenue gain; customers buying every Super Duty truck and Transit van the company can make
Ford Blue hybrid sales up 34%, represent nearly 9% of company’s global vehicle mix; Ford Model e costs down ~$400 million
Expectations for full-year 2024 adjusted EBIT unchanged at $10 billion to $12 billion; adjusted free cash flow outlook raised $1 billion, to between $7.5 billion and $8.5 billion
Ford Pro posts quarterly EBIT of $2.6 billion – a 15% margin – on 9% revenue gain
Customers exercising “freedom of choice” made Ford the No. 1 gas, No. 2 electric and No. 3 hybrid vehicle brand in the U.S. and the company remains confident in full-year 2024 results, including increasing effectiveness generating cash. President and CEO Jim Farley said those are second-quarter outcomes resulting from further execution of the customer-centered Ford+ plan – with disciplined capital allocation setting the table for profitable long-term growth by a more strategically and financially durable company. “Ford+ is on track, our underlying quality is improving, and Ford Pro is showing the huge upside we’ve got in all our businesses,” Farley said. “Transparency and accountability from having separate teams focused on the needs of different customers are leading to better decisions and greater value for everyone.”
Ford’s second-quarter revenue was $47.8 billion, up 6% year-over-year on a slight increase in wholesales. Benefits of a persistently fresh lineup of vehicles included momentum from the allnew F-150 pickup and record volumes of Transit commercial vans. Company net income was $1.8 billion and adjusted earnings before interest and taxes, or EBIT, was $2.8 billion. Profitability was affected by an increase in warranty reserves, though efforts to lift the quality of new products are starting to pay off, with positive implications for customer satisfaction and Ford’s operating performance.
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