Ford Mtr Co Del · NYSE:F
Ford Mtr Co Del — Ford Motor Company — Q3 2024 Earnings Presentation
35 slides from Ford Mtr Co Del's earnings presentation, Oct 28, 2024
Slide 1: Delivering Ford+ Q3 2024 Earnings
Delivering Ford+ 2025 MotorTrend Q3 2024 Earnings SUV Of The Year® Lincoln Nautilus
Slide 2: Contents
Contents Delivering Ford+ Page 4 - 5 Q3 Results Page 6 Year-To-Date Results Page 7 Financials Page 9 - 17 2024 Guidance Page 19 - 20 Appendix Page 22 - 34 2025 Ford Maverick Lobo 2
Slide 3: Safe Harbor Statement And Disclosures
Safe Harbor Statement And Disclosures Forward-Looking Statements GAAP & Non-GAAP Financial Measures This presentation includes forward-looking statements. Forward- This presentation includes financial measures calculated in looking statements are based on expectations, forecasts, and accordance with
Slide 4: Ford+ Investment Thesis
Ford+ Investment Thesis Disruptive technology allows us to leverage foundational strengths to build new capabilities enriching customer experiences and deepening loyalty Customer experience FOUNDATIONAL ENHANCED EXPANDED TAM STRENGTHS CAPABILITIES & VALUE CREATION + Leading iconic + Integrated hardw
Slide 5: Q3 2024 Highlights
Q3 2024 Highlights Growth Profitability Free Cash Flow & Liquidity + “Freedom of choice” global product portfolio drove $46B of + Q3 Total Company adj. EBIT $2.6B; YTD $8.1B + YTD adj. FCF of $5.9B, with cash conversion of 74% revenue, up 5%; 10th consecutive quarter of YoY growth + Full-year adj. E
Slide 6: Q3 Financial Results
Q3 Financial Results Revenue Adj. EBIT Adj. EBIT Margin Adj. FCF Adj. EPS $46.2B $2.6B 5.5% $3.2B $0.49 ▲ 5% ▲ 16% ▲ 0.5 ppts ▲ $2.0B ▲ $0.10 Ford Blue Ford Model e Ford Pro EBIT EBIT Margin EBIT EBIT Margin EBIT EBIT Margin $1.6B 6.2% $(1.2)B (104.4)% $1.8B 11.6% 6
Slide 7: Year-To-Date Financial Results
Year-To-Date Financial Results Revenue Adj. EBIT Adj. EBIT Margin Adj. FCF Adj. EPS $136.8B $8.1B 5.9% $5.9B $1.46 ▲ 5% 14% 1.3 ppts ▲ $1.1B $0.27 Ford Blue Ford Model e Ford Pro EBIT EBIT Margin EBIT EBIT Margin EBIT EBIT Margin $3.7B 5.0% $(3.7)B (151.3)% $7.4B 14.6% 7
Slide 8: Financials
Financials 2025 Ford Bronco Sport Sasquatch
Slide 9: Q3 Cash Flow, Cash Balance & Liquidity ($B)
Q3 Cash Flow, Cash Balance & Liquidity ($B) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Adjusted Free Cash Flow Ford Credit Distributions incl. Above $— $— $— $0.2 $0.2 Cash Balance Liquidity Cash Net of Debt $9.3 $8.9 $4.9 $6.2 $7.3 9
Slide 10: Q3 2024 Results ($B)
Q3 2024 Results ($B) driven by automotive EBIT Interest Taxes / Net Ford Blue Ford Model e Ford Corporate Company Special Ford Pro Ford Next On Debt Noncontrolling Strong cash Income / Credit Other Adj. EBIT Items andInterests liquidity (Loss) B / (W) Q3 2023 $(0.1) $0.1 $0.2 $0.0 $0.2 $(0.0) $0.4 $
Slide 11: Q3 2024 Adjusted EBIT ($B)
Q3 2024 Adjusted EBIT ($B) Ford Ford Ford Ford Ford Ford Corporate Total VOLUME Blue Model e Pro Next Credit Other Company Robust demand for trucks and vans Q3 2023 $ 1.7 $ (1.3) $ 1.7 $ (0.0) $ 0.4 $ (0.2) $ 2.2 YoY Change: NET PRICING Volume / Mix $ 0.0 $ 0.0 $ 0.6 $ — $ — $ — $ 0.6 Robust commerc
Slide 12: Ford Blue
Revenue ($B) Ford Wholesale Units (000) 2,088 Blue ■ ■ Volume Volume and downrevenue 2% dueup to 3% and 8%, respectively discontinued low-margin ■ products, revenue up 3% EBIT up $0.6B: + Volume / mix ■ EBIT down $0.1B: Memo: JV + – Commodities Exchange Wholesales* 124 128 101 105 101 308 –– Higher
Slide 13: Ford Model e
Revenue ($B) Ford Wholesale Units (000) Model e 68 ■ Volume down 11%, driven by competitive market dynamics ■ Revenue down 33%, reflecting industry-wide pricing pressure and lower volume ■ EBIT loss lowered to $1.2B: + Battery economics EBIT ($B) + Material cost EBIT Margin (%) + Warranty – Industry
Slide 14: Ford Pro
Revenue ($B) 1,125 Ford Wholesale Units (000) Pro ■ Volume and revenue up 9% and 13%, respectively ■ EBIT margin of 11.6% ■ EBIT improvement: Memo: JV Wholesales* 24 20 18 21 21 60 EV Wholesales 9 11 4 7 10 22 + Market factors (Super Duty and Transit) + Software and physical EBIT ($B) services growt
Slide 15: Ford Credit
Ford Auction Values* (Per Unit) U.S. Retail Loss-to-Receivables (“LTR”) Ratio (%) Credit 2017-2019: 0.56% ■ EBT of $0.5B: + Financing margin improvement + Higher receivables – Auction values down 1% * U.S. 36-month off-lease auction values at Q3 2024 mix ■ High-quality book with FICO scores >750 ■ L
Slide 16: Cash Flow And Balance Sheet ($B)
Cash Flow And Balance Sheet ($B) Third Quarter Year-To-Date Balance Sheet 2023 2024 2023 2024 2023 Dec 31 2024 Sep 30 Company Excl. Ford Credit Company Adj. EBIT excl. Ford Credit $ 1.8 $ 2.0 $ 8.3 $ 6.9 Company Cash Balance $ 28.8 $ 27.9 Capital Spending (2.2) (2.0) (5.9) (6.1) Liquidity 46.4 46.1
Slide 17: Special Items ($B)
Special Items ($B) Third Quarter Year-To-Date 2023 2024 2023 2024 Restructuring (by Geography) Europe $ (0.0) $ (0.1) $ (0.5) $ (0.7) North America Hourly Buyouts — — — (0.3) China (0.1) — (0.9) — Other 0.0 — (0.1) — Subtotal Restructuring $ (0.1) $ (0.1) $ (1.5) $ (0.9) Other Items EV Program Cance
Slide 18: 2024 Guidance
2024 Guidance 2025 Ford Expedition Tremor
Slide 19: CY 2024 Guidance
CY 2024 Guidance 2024 2023 Outlook Actuals 2024 Outlook includes: Total Company Adj. EBIT About $10.0B $10.4B • Flat to modest U.S. industry growth at 16.0M to 16.5M Prior Outlook $10.0B to $12.0B • Full year of all-new Super Duty, drives positive pricing Total Company Adj. FCF $7.5B to $8.5B $6.8B
Slide 20: Cautionary Note On Forward-Looking Statements
Cautionary Note On Forward-Looking Statements Statements included or incorporated by reference herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts, and assumptio
Slide 21: Appendix
Appendix 2025 Lincoln Navigator
Slide 22: Key Metrics
Key Metrics EBIT ($B) Revenue ($B) Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Ford Blue $ 2.3 $ 1.7 $ 0.8 $ 0.9 $ 1.2 $ 1.6 $ 25.0 $ 25.6 $ 26.2 $ 21.8 $ 26.7 $ 26.2 Ford Model e (1.1) (1.3) (1.6) (1.3) (1.1) (1.2) 1.8 1.8 1.6 0.1 1.1 1.2 Ford Pro
Slide 23: Key Metrics
Key Metrics EBIT ($B) Revenue ($B) Q3 2023 Q3 2024 2024 B / 2023 YTD 2024 YTD 2024 B / Q3 2023 Q3 2024 2024 B / 2023 YTD 2024 YTD 2024 B / (W) 2023 (W) 2023 (W) 2023 (W) 2023 Ford Blue $ 1.7 $ 1.6 $ (0.1) $ 6.6 $ 3.7 $ (2.9) $ 25.6 $ 26.2 $ 0.7 $ 75.7 $ 74.7 $ (1.1) Ford Model e (1.3) (1.2) 0.1 (3.1
Slide 24: Q3 Results ($M)
Q3 Results ($M) Third Quarter Year-To-Date 2023 2024 2024 B / (W) 2023 2024 2024 B / (W) 2023 2023 Ford Blue $ 1,718 $ 1,627 $ (91) $ 6,649 $ 3,703 $ (2,946) Ford Model e (1,329) (1,224) 105 (3,131) (3,687) (556) Ford Pro 1,654 1,814 160 5,411 7,386 1,975 Ford Next (17) (10) 7 (87) (32) 55 Ford Cred
Slide 25: Year-To-Date 2024 Adjusted EBIT ($B)
Year-To-Date 2024 Adjusted EBIT ($B) Ford Ford Ford Ford Ford Corporate Total Blue Model e Pro Next Credit Other Company Year-To-Date 2023 $ 6.6 $ (3.1) $ 5.4 $ (0.1) $ 1.1 $ (0.5) $ 9.4 YoY Change: Volume / Mix $ (1.4) $ (0.2) $ 2.9 $ — $ — $ — $ 1.3 Net Pricing 0.6 (1.3) 1.2 — — — 0.5 Cost (1.4) 1
Slide 26: Quarterly Results ($M)
Quarterly Results ($M) 2023 2024 Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Ford Blue $ 2,623 $ 2,308 $ 1,718 $ 813 $ 7,462 $ 905 $ 1,171 $ 1,627 Ford Model e (722) (1,080) (1,329) (1,570) (4,701) (1,320) (1,143) (1,224) Ford Pro 1,366 2,391 1,654 1,811 7,222 3,008 2,564 1,814 Ford Next (44) (26) (17) (51) (138
Slide 27: Net Income / (Loss) Reconciliation To Adjusted EBIT ($M)
Net Income / (Loss) Reconciliation To Adjusted EBIT ($M) Third Quarter Year-To-Date Memo: 2023 2024 2023 2024 FY 2023 Net Income / (Loss) Attributable to Ford (GAAP) $ 1,199 $ 892 $ 4,873 $ 4,055 $ 4,347 Income / (Loss) Attributable to Noncontrolling Interests (26) 4 (21) 8 (18) Net Income / (Loss)
Slide 28: Operating Cash Flow Reconciliation To Company Adjusted FCF
Net Cash Provided By / (Used In) Operating Activities Reconciliation To Company Adjusted FCF ($M) 2023 2024 Year-To-Date Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 Net Cash Provided By / (Used In) Operating Activities (GAAP) $ 2,800 $ 5,035 $ 4,591 $ 2,492 $ 1,385 $ 5,508 $ 5,502 $ 12,426 $ 12,395 Less: Items N
Slide 29: EPS Reconciliation To Adjusted EPS
Earnings / (Loss) Per Share Reconciliation To Adjusted Earnings / (Loss) Per Share Third Quarter Year-To-Date 2023 2024 2023 2024 Diluted After-Tax Results ($M) Diluted After-Tax Results (GAAP) $ 1,199 $ 892 $ 4,873 $ 4,055 Less: Impact of Pre-Tax and Tax Special Items (a) (376) (1,066) (2,098) (1,7
Slide 30: Effective Tax Rate Reconciliation To Adjusted Effective Tax Rate
Effective Tax Rate Reconciliation To Adjusted Effective Tax Rate Q3 2024 Year-To-Date 2024 Full Year 2023 Pre-Tax Results ($M) Income / (Loss) Before Income Taxes (GAAP) $ 869 $ 4,919 $ 3,967 Less: Impact of Special Items (1,409) (2,331) (5,147) Adjusted Earnings Before Taxes (Non-GAAP) $ 2,278 $ 7,
Slide 31: Adjusted ROIC ($B)
Adjusted ROIC ($B) Four Quarters Four Quarters Ending Q3 2023 Ending Q3 2024 Adjusted Net Operating Profit / (Loss) After Cash Tax Net Income / (Loss) Attributable to Ford $ 6.2 $ 3.5 Add: Noncontrolling Interest (0.3) 0.0 Less: Income Tax (0.9) 0.5 Add: Cash Tax (1.1) (1.3) Less: Interest on Debt (
Slide 32: Non-GAAP Financial Measures That Supplement GAAP Measures
Non-GAAP Financial Measures That Supplement GAAP Measures We use both GAAP and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. The non-GAAP measures listed below are intended to be considered by users as supplemental
Slide 33: Non-GAAP Financial Measures That Supplement GAAP Measures
Non-GAAP Financial Measures That Supplement GAAP Measures + Company Adjusted Free Cash Flow (FCF) (Most Comparable GAAP Measure: Net Cash Provided By / (Used In) Operating Activities) – Measure of Company’s operating cash flow excluding Ford Credit’s operating cash flows. The measure contains elemen
Slide 34: Definitions And Calculations
Definitions And Calculations Wholesale Units and Revenue • Wholesale unit volumes include all Ford and Lincoln badged units (whether produced by Ford or by an unconsolidated affiliate) that are sold to dealerships or others, units manufactured by Ford that are sold to other manufacturers, units dist
Slide 35: Delivering Ford+ Q3 2024 Earnings
Delivering Ford+ Q3 2024 Earnings 2025 Ford Mustang GTD