Ford Motor Company reported its financial performance for the second quarter ended June 30, 2024, with a net income of $1.83 billion and a diluted earnings per share of $0.46. The company's revenue increased by 6% to $47.8 billion compared to the same period last year. Operating income was $1.88 billion, with an EBIT margin of 3.8%. Ford Blue, the segment focusing on internal combustion and hybrid vehicles, saw a 3% increase in wholesales but experienced a decrease in EBIT to $1.17 billion, attributed to higher warranty and material costs. Ford Model e, dedicated to electric vehicles, reported a loss of $1.14 billion, with a 23% decrease in wholesales due to competitive market conditions. Ford Pro, catering to commercial and government customers, increased its EBIT to $2.56 billion, driven by higher volume...Show More

Ford Motor Company reported its financial performance for the second quarter ended June 30, 2024, with a net income of $1.83 billion and a diluted earnings per share of $0.46. The company's revenue increased by 6% to $47.8 billion compared to the same period last year. Operating income was $1.88 billion, with an EBIT margin of 3.8%. Ford Blue, the segment focusing on internal combustion and hybrid vehicles, saw a 3% increase in wholesales but experienced a decrease in EBIT to $1.17 billion, attributed to higher warranty and material costs. Ford Model e, dedicated to electric vehicles, reported a loss of $1.14 billion, with a 23% decrease in wholesales due to competitive market conditions. Ford Pro, catering to commercial and government customers, increased its EBIT to $2.56 billion, driven by higher volume and favorable mix. Ford Credit, the company's financing arm, contributed $343 million to EBIT. The company's liquidity remained strong with $44.8 billion, and capital spending for the year is projected to be between $8 billion and $9 billion. Ford Credit's liquidity was $28.3 billion, with a target leverage of 9:1 to 10:1. Looking ahead, Ford provided guidance for 2024 with an adjusted EBIT of $10 billion to $12 billion and an adjusted free cash flow of $7.5 billion to $8.5 billion.