Thu, Jul 25, 10:03 AM (44 days ago)
Ford Motor Company's Q2 2024 financial report highlights a mixed performance. The company reported revenues of $47.8 billion, up 6% year-over-year, and a net income of $1.8 billion, slightly down from $1.9 billion in Q2 2023. However, adjusted EBIT fell to $2.8 billion from $3.8 billion a year ago. Key segments showed varied results: Ford Blue's EBIT declined due to higher costs despite increased revenue, Ford Model e's losses widened due to lower sales and pricing pressures, while Ford Pro saw improved EBIT driven by higher volumes and pricing. Ford Credit's EBT decreased due to higher lease depreciation and credit losses. The company maintained a strong liquidity position with $44.8 billion in liquidity and $26.6 billion in cash. Looking ahead, Ford expects full-year 2024 adjusted EBIT of $10-12 billion, driven by Ford Pro and Ford Blue, while Ford Model e is projected to incur significant losses.