Ford Motor Company has reported a strong third-quarter performance for 2024, spotlighting significant revenue gains alongside a strategic shift toward electric vehicle (EV) efficiency and a diverse global product lineup. With a 5% year-over-year revenue increase to $46 billion, Ford has now marked its 10th consecutive quarter of revenue growth, underscoring the sustained appeal of its portfolio of internal combustion, hybrid, and electric vehicles.
Ford President and CEO Jim Farley highlighted the company’s strengthened position amid industry-wide transformations. “We are in a strong position with Ford+ as our industry undergoes a sweeping transformation,” Farley stated, emphasizing Ford’s competitive advantages in key segments, including Ford Pro, international operations, software, and next-generation EVs.
Third-Quarter Highlights and Segment Performance
Despite a $1 billion EV-related charge, Ford achieved $0.9 billion in net income. The company’s adjusted earnings before interest and taxes (EBIT) improved by $352 million to $2.6 billion, aided by increased volume and a favorable product mix. Operating cash flow reached $5.5 billion, with an adjusted free cash flow of $3.2 billion, supported by a $28 billion cash reserve.
In Ford Pro, revenue rose 13% year-over-year to $15.7 billion, generating $1.8 billion in EBIT with an 11.6% margin. Ford Pro’s growth was fueled by strong demand for the Super Duty trucks and Transit vans, alongside a 30% rise in subscriptions to Ford Pro Intelligence. Additionally, mobile service fleet repair orders soared by 70%, reflecting the customer shift towards digital and remote services.
Ford Blue reported a modest 3% revenue gain to $26.2 billion, driven by popular trucks and SUVs in North America, though offset by rising costs. Hybrid vehicle sales increased 30%, solidifying Ford’s dominant 77% market share in the U.S. hybrid truck segment.
Ford Model e faced a $1.2 billion loss in EBIT, though nearly $1 billion in cost improvements were achieved year-to-date. Ford’s ongoing expansion of charging infrastructure and dealer readiness is enhancing accessibility for EV customers.
Looking ahead, Ford projects full-year adjusted EBIT of approximately $10 billion, with a forecasted $9 billion EBIT for Ford Pro and $5 billion for Ford Blue. Model e is expected to report a full-year loss of about $5 billion, while Ford Credit’s earnings before taxes are anticipated at $1.6 billion. Capital expenditures are expected to be between $8 and $8.5 billion, with adjusted free cash flow estimated at $7.5-$8.5 billion.
