Ford Motor Company (F) Q2 2024 Earnings Report

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Ford Motor Company

$13.03 -0.84%

Exchange: NYSE | Sector: Consumer Cyclical | Industry: Auto Manufacturers

Q2 2024

Published: Jul 25, 2024

Earnings Highlights

Revenue of $47.81B up 6.4% year-over-year
EPS of $0.46 decreased by 4.2% from previous year
Gross margin of 9.5%
Net income of 1.83B
"Jim Farley: 'Execution against our Ford+ plan allows us to break free from the low-margin, capital-intensive and cyclical attributes that have constrained auto valuations for a long time.'" - Jim Farley

Ford Motor Company

Period Q2 2024

Currency USD

Report Type Quarterly Earnings

Generated Dec 8, 2025

Executive Summary

In Q2 2024, Ford Motor Company reported revenues of $47.8 billion, reflecting a 6% increase year-over-year driven by strong demand for key products like the F-150 and Transit. Notably, adjusted EBIT reached $2.8 billion with a margin of 5.8%, despite challenges such as rising warranty costs and supply chain pressures. Management reaffirmed its commitment to transforming Ford into a high-margin business with significant growth potential in the electric vehicle (EV) market through its Ford+ strategy. The company anticipates continued free cash flow strength, raising guidance to a range of $7.5 billion to $8.5 billion for the year, providing a solid foundation for ongoing investments and dividend payouts, including a declared dividend of $0.15 per share.

Key Performance Indicators

Revenue

Increasing

47.81B

QoQ: 11.76% | YoY: 6.35%

Gross Profit

Decreasing

4.53B

9.47% margin

QoQ: 21.59% | YoY: -39.49%

Operating Income

Decreasing

1.76B

QoQ: 39.29% | YoY: -28.69%

Net Income

Decreasing

1.83B

QoQ: 37.46% | YoY: -4.49%

EPS

Decreasing

0.46

QoQ: 39.39% | YoY: -4.17%

Revenue Trend

Margin Analysis

Financial Highlights

Revenue Performance: $47.8 billion (YoY growth of 6%, QoQ growth of 12%).
Operating Income: $1.75 billion, reflecting operating margin of 5.8%.
Net Income: $1.83 billion, a decline of 4.5% YoY due to increased warranty reserves and higher manufacturing costs.
Earnings Per Share (EPS): $0.46, down from $0.48 YoY.
Free Cash Flow: $3.2 billion for the quarter, increasing guidance for full year to $7.5-$8.5 billion.
Liquidity: Strong balance sheet with approximately $27 billion in cash and $45 billion in liquidity, which offers flexibility to navigate a dynamic environment.

Income Statement

Metric	Value	YoY Change	QoQ Change
Revenue	47.81B	6.35%	11.76%
Gross Profit	4.53B	-39.49%	21.59%
Operating Income	1.76B	-28.69%	39.29%
Net Income	1.83B	-4.49%	37.46%
EPS	0.46	-4.17%	39.39%

Key Financial Ratios

Gross Profit Margin

Weak

9.47%

Gross profit margin is below industry norms, profitability concerns

Operating Profit Margin

Weak

3.67%

Operating margin is below industry norms, profitability concerns

Net Profit Margin

Fair

3.83%

Net profit margin is moderate, room for improvement in cost management

Return on Assets

Weak

0.66%

Return on assets suggests inefficient capital allocation

Return on Equity

Weak

4.20%

Return on equity suggests inefficient capital allocation

Current Ratio

Adequate

1.17

Current ratio meets minimum requirements but limited cushion

Debt to Equity

High Risk

3.51

Debt-to-equity indicates high leverage and elevated financial risk

P/E Ratio

Value

6.94x

P/E ratio suggests potential undervaluation or stable earnings

Price to Book

Fair Value

1.17x

Price-to-book ratio reasonable for profitable companies

Historical Earnings Comparison

Period	Revenue ($M)	EPS ($)	YoY Growth	Report
Q4 2024	48,211.00	0.45	+4.9%	View
Q3 2024	46,196.00	0.22	+5.5%	View
Q2 2024	47,808.00	0.46	+6.4%	View
Q1 2024	42,777.00	0.33	+3.1%	View
Q4 2023	45,962.00	-0.13	+4.5%	View

Ford Motor Company (F) Q2 2024 Earnings Report

Earnings Highlights

Executive Summary

Key Performance Indicators

Revenue Trend

Margin Analysis

Financial Highlights

Income Statement

Key Financial Ratios

Management Insights Available for Members

Peer Comparison Available for Members

Investment Outlook & SWOT Available for Members

Historical Earnings Comparison

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