Ford F reported fourth-quarter 2024 adjusted earnings per share of 39 cents, which surpassed the Zacks Consensus Estimate of 34 cents and rose from 29 cents recorded in the year-ago quarter. The company’s consolidated fourth-quarter revenues came in at $48.2 billion, up 5% year over year. F’s total automotive revenues came in at around $44.9 billion, topping the Zacks Consensus Estimate of $43.5 billion and higher than $43.3 billion generated in the year-ago quarter.
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Ford Motor Company Price, Consensus and EPS Surprise
Ford Motor Company price-consensus-eps-surprise-chart | Ford Motor Company Quote
Segmental Performance
In the fourth quarter, total wholesale volume in the Ford Blue segment increased 2% year over year to 774,000 units and exceeded our expectation of 731,000 units. Revenues from the segment increased 4% year over year to $27.3 billion and topped our estimate of $25.7 billion. Earnings before interest and taxes came in at $1.58 billion, above our projection of $1.26 billion. EBIT margin of 5.8% was up 270 basis points from the corresponding quarter of 2023.
Total wholesale volume in the Ford Model e segment rose 10% year over year to 37,000 units, missing our estimate of 38,000. Revenues from the segment declined 11% year over year to $1.4 billion but topped our estimate of $1.22 billion on higher-than-expected average selling price of vehicles. The segment incurred loss before interest and taxes of $1.39 billion, compared with our model estimate of $1.32 billion.
Total wholesale volume in the Ford Pro segment increased 5% year over year to 378,000 and outpaced our expectation of 362,000 units. Revenues from the segment grew 6% year over year to $16.2 billion but missed our expectations of $16.45 billion. Earnings before interest and taxes came in at $1.63 billion with an EBIT margin of 10%. EBIT topped our projection of $1.61 billion.
Fourth-quarter revenues from the Ford Credit unit came in at $3.27 billion, up 19% year over year but below our estimate of $3.33 billion. Pretax earnings were roughly $470 million, up 68% year over year.
Financial Position
Ford reported an adjusted free cash flow of $700 million for the quarter. It had cash and cash equivalents of $22.9 billion as of Dec. 31, 2024. Long-term debt, excluding Ford Credit, totaled $18.9 billion at the end of 2024.
F declared its first-quarter 2025 supplemental payout of 15 cents/share, in addition to the regular dividend of 15 cents per share, payable on March 3 to shareholders of record at the close of business on Feb. 18, 2025.
2025 Guidance
For full-year 2025, Ford expects EBIT in the range of $7-$8.5 billion. Adjusted free cash flow is envisioned in the range of $3.5-$4.5 billion. Capital spending is expected in the range of $8-$8.5 billion. Ford forecasts 2025 EBIT from the Pro and Blue segments to be in the band of $7.5-$8 billion and $3.5-$4 billion, respectively. Pretax profit from Ford Credit is anticipated at around $2 billion. The Ford Model e unit is anticipated to incur a pre-tax loss in the range of $5-$5.5 billion.
Ford currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Key Releases From The Auto Space
General Motors GM reported fourth-quarter 2024 adjusted earnings of $1.92 per share, which surpassed the Zacks Consensus Estimate of $1.85. The bottom line also increased from the year-ago quarter’s level of $1.24. Revenues of $47.71 billion beat the Zacks Consensus Estimate of $44 billion and increased from $42.98 billion recorded in the year-ago period.
For 2025, GM expects adjusted EBIT in the range of $13.7-$15.7 billion compared with $14.9 billion recorded in 2024. Adjusted EPS is anticipated in the range of $11-$12 compared with $10.60 recorded in 2024.
PACCAR PCAR recorded earnings of $1.68 per share for the fourth quarter of 2024, which beat the Zacks Consensus Estimate of $1.66 but declined from $2.70 per share reported in the year-ago period. Consolidated revenues (including trucks and financial services) came in at $7.9 billion, down from $9 billion in the corresponding quarter of 2023. Sales from Trucks, Parts and Others were $7.36 billion.
PCAR expects capex and R&D expenses for 2025 in the band of $700-$800 million and $460-$500 million, respectively.
Tesla TSLA reported fourth-quarter 2024 earnings per share of 73 cents, which missed the Zacks Consensus Estimate of 75 cents but increased from the year-ago figure of 71 cents. Total revenues of $25.71 billion also lagged the consensus mark of $27.5 billion but inched up from $25.17 billion recorded in the corresponding quarter of 2023.
TSLA remains committed to starting the production of affordable vehicles in the first half of this year. It also reaffirmed that Cybercab will begin volume production in 2026. And most importantly, energy storage deployments are expected to grow at least 50% this year.
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Ford Motor Company (F) : Free Stock Analysis Report
PACCAR Inc. (PCAR) : Free Stock Analysis Report
General Motors Company (GM) : Free Stock Analysis Report
Tesla, Inc. (TSLA) : Free Stock Analysis Report