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Ford (F) Q1 Earnings Beat Expectations, Guidance Revised
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Ford (F - Free Report) reported first-quarter 2024 adjusted earnings per share (EPS) of 49 cents, which beat the Zacks Consensus Estimate of 42 cents but declined from 63 cents recorded in the year-ago quarter. The company’s consolidated first-quarter revenues came in at $42.8 billion, up 3.1% year over year.
Ford Motor Company Price, Consensus and EPS Surprise
In the first quarter, total wholesale volume in the Ford Blue segment declined 11% year over year to 626,000 units and missed our expectation of 670,000 units. Also, revenues from the segment declined 13% year over year to $21.8 billion and lagged our estimate of $22.96 billion on lower-than-expected volume. Earnings before interest and taxes came in at $905 million with an EBIT margin of 4.2%. EBIT missed our projection of $1.9 billion.
Total wholesale volume in the Ford Model e segment decreased 20% year over year to 10,000 units and lagged our expectation of 55,000 units. Revenues from the segment declined 84% year over year to $0.1 billion and missed our estimate of $2.39 billion on lower-than-expected volume. Loss before interest and taxes widened to $1.32 billion.
Total wholesale volume in the Ford Pro segment increased 21% year over year to 409,000 and exceeded our expectation of 354,000 units. Also, revenues from the segment grew 36% year over year to $18 billion and beat our expectations of $14.9 billion. Earnings before interest and taxes came in at $3 billion with an EBIT margin of 16.7%. EBIT exceeded our projection of $1.9 billion.
Overall, F’s total automotive revenues came in at around $39.89 billion, missing our estimate of $40.3 billion on lower-than-expected results from Ford Blue and Ford Model e.
First-quarter revenues from the Ford Credit unit came in at $2.89 billion, up 20.9% year over year and beat our estimate of $2.74 billion. Pretax earnings totaled $326 million, which increased from $303 million reported in the year-ago quarter.
Financial Position
Ford reported a negative adjusted free cash flow of $479 million for the quarter. It had cash and cash equivalents of $19.72 billion as of Mar 31, 2024. Long-term debt, excluding Ford Credit, totaled $19.4 billion at the end of the first quarter of 2024.
F declared its second-quarter 2024 regular dividend of 15 cents per share, payable on Jun 3, 2024, to shareholders of record at the close of business on May 8, 2024.
Revised 2024 Guidance
For full-year 2024, Ford’s outlook for adjusted EBIT remained unchanged at $10-$12 billion. However, the company now expects adjusted free cash flow in the range of $6.5-$7.5 billion, up from the previous outlook of $6-$7 billion. Capital spending is expected in the range of $8-$9 billion, narrower than the previous estimate of $8-$9.5 billion.
The Zacks Consensus Estimate for GELYY’s 2024 sales implies year-over-year growth of 36.6%. The EPS estimates for 2024 and 2025 have moved up 34 cents and 54 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for ALSN’s 2024 sales and earnings suggests year-over-year growth of 2.81% and 4.73%, respectively. The EPS estimates for 2025 have improved 32 cents in the past 30 days.
The Zacks Consensus Estimate for GOEV’s 2024 sales and earnings suggests year-over-year growth of 7,722.3% and 68.24%, respectively. The EPS estimates for 2024 and 2025 have improved $4.27 and $4.71, respectively, in the past 30 days.
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Ford (F) Q1 Earnings Beat Expectations, Guidance Revised
Ford (F - Free Report) reported first-quarter 2024 adjusted earnings per share (EPS) of 49 cents, which beat the Zacks Consensus Estimate of 42 cents but declined from 63 cents recorded in the year-ago quarter. The company’s consolidated first-quarter revenues came in at $42.8 billion, up 3.1% year over year.
Ford Motor Company Price, Consensus and EPS Surprise
Ford Motor Company price-consensus-eps-surprise-chart | Ford Motor Company Quote
Segmental Performance
In the first quarter, total wholesale volume in the Ford Blue segment declined 11% year over year to 626,000 units and missed our expectation of 670,000 units. Also, revenues from the segment declined 13% year over year to $21.8 billion and lagged our estimate of $22.96 billion on lower-than-expected volume. Earnings before interest and taxes came in at $905 million with an EBIT margin of 4.2%. EBIT missed our projection of $1.9 billion.
Total wholesale volume in the Ford Model e segment decreased 20% year over year to 10,000 units and lagged our expectation of 55,000 units. Revenues from the segment declined 84% year over year to $0.1 billion and missed our estimate of $2.39 billion on lower-than-expected volume. Loss before interest and taxes widened to $1.32 billion.
Total wholesale volume in the Ford Pro segment increased 21% year over year to 409,000 and exceeded our expectation of 354,000 units. Also, revenues from the segment grew 36% year over year to $18 billion and beat our expectations of $14.9 billion. Earnings before interest and taxes came in at $3 billion with an EBIT margin of 16.7%. EBIT exceeded our projection of $1.9 billion.
Overall, F’s total automotive revenues came in at around $39.89 billion, missing our estimate of $40.3 billion on lower-than-expected results from Ford Blue and Ford Model e.
First-quarter revenues from the Ford Credit unit came in at $2.89 billion, up 20.9% year over year and beat our estimate of $2.74 billion. Pretax earnings totaled $326 million, which increased from $303 million reported in the year-ago quarter.
Financial Position
Ford reported a negative adjusted free cash flow of $479 million for the quarter. It had cash and cash equivalents of $19.72 billion as of Mar 31, 2024. Long-term debt, excluding Ford Credit, totaled $19.4 billion at the end of the first quarter of 2024.
F declared its second-quarter 2024 regular dividend of 15 cents per share, payable on Jun 3, 2024, to shareholders of record at the close of business on May 8, 2024.
Revised 2024 Guidance
For full-year 2024, Ford’s outlook for adjusted EBIT remained unchanged at $10-$12 billion. However, the company now expects adjusted free cash flow in the range of $6.5-$7.5 billion, up from the previous outlook of $6-$7 billion. Capital spending is expected in the range of $8-$9 billion, narrower than the previous estimate of $8-$9.5 billion.
Zacks Rank & Key Picks
F currently carries a Zacks Rank #3 (Hold).
Some better-ranked players in the auto space are Geely Automobile Holdings Limited (GELYY - Free Report) , Allison Transmission Holdings, Inc. (ALSN - Free Report) and Canoo Inc. (GOEV - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for GELYY’s 2024 sales implies year-over-year growth of 36.6%. The EPS estimates for 2024 and 2025 have moved up 34 cents and 54 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for ALSN’s 2024 sales and earnings suggests year-over-year growth of 2.81% and 4.73%, respectively. The EPS estimates for 2025 have improved 32 cents in the past 30 days.
The Zacks Consensus Estimate for GOEV’s 2024 sales and earnings suggests year-over-year growth of 7,722.3% and 68.24%, respectively. The EPS estimates for 2024 and 2025 have improved $4.27 and $4.71, respectively, in the past 30 days.