Summary by Moomoo AI
Ford Motor Company reported Q3 2024 net income of $892 million on revenue of $46.2 billion, with Company adjusted EBIT of $2.55 billion and an adjusted EBIT margin of 5.5%. Revenue increased 5% year-over-year, while net income declined from $1.2 billion in Q3 2023, primarily due to a $979 million charge related to the cancellation of a planned electric three-row SUV program.Ford Pro led segment performance with $1.8 billion EBIT on strong demand for commercial vehicles, while Ford Blue generated $1.6 billion EBIT despite higher costs. Ford Model e posted a $1.2 billion loss amid competitive EV market conditions and pricing pressure. Ford Credit contributed $544 million in earnings before taxes, up $186 million from last year.The company maintained strong liquidity with $27.9 billion in cash and $46.1 billion in total liquidity. Ford updated its full-year 2024 guidance, now expecting adjusted EBIT of about $10 billion and adjusted free cash flow of $7.5-8.5 billion, while acknowledging near-term challenges in EV adoption rates and supply chain disruptions.
