Ford Mtr Co Del · NYSE:F
Ford Mtr Co Del — Ford Motor Company — Q4 2024 Earnings Presentation
39 slides from Ford Mtr Co Del's earnings presentation, Feb 5, 2025
Slide 1: Q4 & Full Year 2024 Earnings
Delivering Ford+ Q4 & Full Year 2024 Earnings 2024 Ford Ranger
Slide 2: Contents
Contents Delivering Ford+ Page 4 - 7 Q4 Results Page 8 Full Year Results Page 9 Financials Page 11 - 19 2025 Guidance Page 21 - 23 Appendix Page 25 - 38 New 2024 Ford Puma Gen-E 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: Building A Higher Growth, Higher Margin, More Capital Efficient And More Durable Company
Building A Higher Growth, Higher Margin, More Capital Efficient And More Durable Company Drives strong margins Enables deep and cash flow customer insight Our plan to thrive at the intersection of great vehicles, iconic brands and innovative software and services. 4
Slide 5: Full Year 2024 Highlights
Full Year 2024 Highlights + Delivered record revenue of $185B - our 4th consecutive year of growth Ford+ Powers Strong 2024 Financial Performance, Showcasing + Expanded revenue share in non-traditional segments like Product Excellence and Operational Progress hybrid trucks Growth + America’s #1 ICE
Slide 6: Compelling Product Portfolio, Offering Customer Choice
Compelling Product Portfolio, Offering Customer Choice 2025 Ford Capri 2025 Ford Maverick Lobo 2024 Ford E-Transit Ford Model e Ford Blue Ford Pro + Began mass production of all-new Capri EV + Launched key ICE products in North America: + Ford Pro paid software subscriptions up 27% in Europe New Mav
Slide 7: Expanding Software & Physical Services
Expanding Software & Physical Services Software Physical Services + BlueCruise: Enabled vehicles on the road in America more than + Delivered 4.9M remote experiences in 2024 doubled to 675K; lowered subscription pricing across various plans; + Ford Pro has the largest service network in North Americ
Slide 8: Q4 Financial Results
Q4 Financial Results Revenue Adj. EBIT Adj. EBIT Margin Adj. FCF Adj. EPS $48.2B $2.1B 4.4% $0.7B $0.39 ▲ 5% ▲ 103% ▲ 2.1 ppts $1.2B ▲ $0.10 Ford Blue Ford Model e Ford Pro EBIT EBIT Margin EBIT EBIT Margin EBIT EBIT Margin $1.6B 5.8% $(1.4)B (98.1)% $1.6B 10.0% 8
Slide 9: Full Year Financial Results
Full Year Financial Results Revenue Adj. EBIT Adj. EBIT Margin Adj. FCF Adj. EPS $185.0B $10.2B 5.5% $6.7B $1.84 ▲ 5% 2% 0.4 ppts $0.1B $0.17 Ford Blue Ford Model e Ford Pro EBIT EBIT Margin EBIT EBIT Margin EBIT EBIT Margin $5.3B 5.2% $(5.1)B (131.8)% $9.0B 13.5% 9
Slide 10: Financials
Financials 2025 Ford Bronco Stroppe Edition
Slide 11: Q4 Cash Flow, Cash Balance & Liquidity ($B)
Q4 Cash Flow, Cash Balance & Liquidity ($B) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Adjusted Free Cash Flow Ford Credit Distributions incl. Above $— $— $0.2 $0.2 $0.2 Cash Balance Liquidity Cash Net of Debt $8.9 $4.9 $6.2 $7.3 $7.9 11
Slide 12: Q4 2024 Results ($B)
Q4 2024 Results ($B) Taxes / Net Ford Corporate Company Interest Special Noncontrolling Income / Ford Blue Ford Model e Ford Pro Ford Next Credit Other Adj. EBIT On Debt Items Interests (Loss) B / (W) Q4 2023 $0.8 $0.2 $(0.2) $0.0 $0.2 $0.1 $1.1 $0.1 $3.0 $(1.8) available to invest in growth $2.4 12
Slide 13: Q4 2024 Adjusted EBIT ($B)
Q4 2024 Adjusted EBIT ($B) Ford Ford Ford Ford Ford Ford Corporate Total VOLUME Blue Model e Pro Next Credit Other Company Q4 volume and revenue higher despite Q4 2023 $ 0.8 $ (1.6) $ 1.8 $ (0.1) $ 0.3 $ (0.2) $ 1.1 discontinuation of low margin products YoY Change: Volume / Mix $ 0.3 $ 0.1 $ 0.4 $
Slide 14: Ford Blue
Revenue ($B) Ford Wholesale Units (000) 2,862 Blue ■ ■ Full yearand Volume volume down revenue up2%3%due and to 8%, respectively discontinued low-margin products; revenue flat ■ EBIT up $0.6B: ■ +Full year EBIT Volume / mixof $5.3B, down Memo: JV +$2.2B: Commodities Wholesales* 128 101 105 101 130 4
Slide 15: Ford Model e
Revenue ($B) Ford Wholesale Units (000) Model e 105 ■ Volume and revenue down 9% and 35%, respectively, driven by industry pricing pressure and competitive market dynamics ■ Full year EBIT loss of $(5.1)B, $0.4B worse: – Industry pricing pressure EBIT ($B) – Investment in battery plants EBIT Margin
Slide 16: Ford Pro
Revenue ($B) 1,503 Ford Wholesale Units (000) Pro ■ Full year volume and revenue up 9% and 15%, respectively ■ Full year EBIT of $9.0B, up $1.8B: Memo: + Market factors (Super Duty JV Wholesales* 20 18 21 21 31 91 EV Wholesales 11 4 7 10 13 35 and Transit) – Warranty – Investments in growth EBIT ($B
Slide 17: Ford Credit
Ford Auction Values* (Per Unit) U.S. Retail Loss-to-Receivables (“LTR”) Ratio (%) Credit 2017-2019: 0.56% ■ Full year EBT of $1.7B, up $0.3B: + Financing margin improvement + Higher volume and mix – Higher operating lease depreciation * U.S. 36-month off-lease auction values at Q4 2024 mix – Higher
Slide 18: Cash Flow And Balance Sheet ($B)
Cash Flow And Balance Sheet ($B) Fourth Quarter Full Year Balance Sheet 2023 2024 2023 2024 2023 Dec. 31 2024 Dec. 31 Company Excl. Ford Credit Company Adj. EBIT excl. Ford Credit $ 0.8 $ 1.7 $ 9.1 $ 8.6 Company Cash Balance $ 28.8 $ 28.5 Capital Spending $ (2.3) $ (2.5) $ (8.2) $ (8.6) Liquidity 46
Slide 19: Special Items ($B)
Special Items ($B) Fourth Quarter Full Year 2023 2024 2023 2024 Restructuring Europe $ (0.5) $ (0.0) $ (1.0) $ (0.7) North America Hourly Buyouts — — — (0.3) China (0.1) (0.0) (1.0) (0.0) Other (a) 0.0 — (0.1) — Subtotal Restructuring $ (0.6) $ (0.1) $ (2.0) $ (1.0) Other Items EV Program Cancellati
Slide 20: 2025 Guidance
2025 Guidance 2025 Ford Ranger PHEV
Slide 21: CY 2025 Guidance
CY 2025 Guidance 2025 Outlook Assumptions: 2025 2024 U.S. industry sales at 16.0M to 16.5M Outlook Actuals Adjusted EBIT $7.0B to $8.5B $10.2B Lower industry pricing $1B net cost reduction Adjusted FCF $3.5B to $4.5B $6.7B Capital Spending $8.0B to $9.0B $8.6B Ford Blue EBIT $3.5B to $4.0B $5.3B Mod
Slide 22: 2025 Calendarization
2025 Calendarization Key Drivers EBIT Trend First Half – Lower wholesales, including launch downtime – Moderated pricing – Exchange + F-150 volume (2024 CY launch) First Half Second Half Second Half – Moderated pricing – Exchange + Cost Efficiencies + Stabilized volume 22
Slide 23: Cautionary Note On Forward-Looking Statements
Cautionary Note On Forward-Looking Statements Statements included or incorporated by reference herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts, and assumptio
Slide 24: Appendix
Appendix Ford Celebrates 75 Years Serving Law Enforcement Vehicles Shown (L to R): 2025 Mach-E, 2025 F-150 Lightning, 2025 Explorer, 2025 F-150 and 2025 Expedition
Slide 25: Key Metrics
Key Metrics EBIT ($B) Revenue ($B) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Ford Blue $ 1.7 $ 0.8 $ 0.9 $ 1.2 $ 1.6 $ 1.6 $ 25.6 $ 26.2 $ 21.8 $ 26.7 $ 26.2 $ 27.3 Ford Model e (1.3) (1.6) (1.3) (1.1) (1.2) (1.4) 1.8 1.6 0.1 1.1 1.2 1.4 Ford Pro
Slide 26: Key Metrics
Key Metrics EBIT ($B) Revenue ($B) Q4 2023 Q4 2024 2024 2023 FY 2024 FY 2024 Q4 2023 Q4 2024 2024 2023 FY 2024 FY 2024 B / (W) 2023 B / (W) 2023 B / (W) 2023 B / (W) 2023 Ford Blue $ 0.8 $ 1.6 $ 0.8 $ 7.5 $ 5.3 $ (2.2) $ 26.2 $ 27.3 $ 1.1 $ 101.9 $ 101.9 $ 0.0 Ford Model e (1.6) (1.4) 0.2 (4.7) (5.1
Slide 27: Q4 Results ($M)
Q4 Results ($M) Fourth Quarter Full Year 2023 2024 2024 2023 2024 2024 B / (W) 2023 B / (W) 2023 Ford Blue $ 813 $ 1,581 $ 768 $ 7,462 5,284 $ (2,178) Ford Model e (1,570) (1,389) 181 (4,701) (5,076) (375) Ford Pro 1,811 1,629 (182) 7,222 9,015 1,793 Ford Next (51) (18) 33 (138) (50) 88 Ford Credit
Slide 28: Full Year 2024 Adjusted EBIT ($B)
Full Year 2024 Adjusted EBIT ($B) Ford Ford Ford Ford Ford Corporate Total Blue Model e Pro Next Credit Other Company Full Year 2023 $ 7.5 $ (4.7) $ 7.2 $ (0.1) $ 1.3 $ (0.8) $ 10.4 YoY Change: Volume / Mix $ (1.1) $ (0.1) $ 3.3 $ — $ — $ — $ 2.1 Net Pricing 0.7 (1.6) 0.9 — — — 0.1 Cost (0.9) 1.4 (2
Slide 29: Quarterly Results ($M)
Quarterly Results ($M) 2023 2024 Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Ford Blue $ 2,623 $ 2,308 $ 1,718 $ 813 $ 7,462 $ 905 $ 1,171 $ 1,627 $ 1,581 $ 5,284 Ford Model e (722) (1,080) (1,329) (1,570) (4,701) (1,320) (1,143) (1,224) (1,389) (5,076) Ford Pro 1,366 2,391 1,654 1,811 7,222 3,008 2
Slide 30: Net Income / (Loss) Reconciliation To Adjusted EBIT ($M)
Net Income / (Loss) Reconciliation To Adjusted EBIT ($M) Fourth Quarter Full Year 2023 2024 2023 2024 Net Income / (Loss) Attributable to Ford (GAAP) $ (526) $ 1,824 $ 4,347 $ 5,879 Income / (Loss) Attributable to Noncontrolling Interests 3 7 (18) 15 Net Income / (Loss) $ (523) $ 1,831 $ 4,329 $ 5,8
Slide 31: Net Cash From Operating Activities Reconciliation To Company Adj. FCF
Net Cash Provided By / (Used In) Operating Activities Reconciliation To Company Adj. FCF ($M) 2023 2024 Full Year Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 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 $ 3,028 $14,918 $15,423 Less: Items
Slide 32: EPS Reconciliation To Adjusted EPS
Earnings / (Loss) Per Share Reconciliation To Adjusted Earnings / (Loss) Per Share Fourth Quarter Full Year 2023 2024 2023 2024 Diluted After-Tax Results ($M) Diluted After-Tax Results (GAAP) $ (526) $ 1,824 $ 4,347 $ 5,879 Less: Impact of Pre-Tax and Tax Special Items (a) (1,688) 261 (3,786) (1,537
Slide 33: Effective Tax Rate Reconciliation To Adjusted Effective Tax Rate
Effective Tax Rate Reconciliation To Adjusted Effective Tax Rate 2024 Memo: Q4 Full Year Full Year 2023 Pre-Tax Results ($M) Income / (Loss) Before Income Taxes (GAAP) $ 2,314 $ 7,233 $ 3,967 Less: Impact of Special Items 471 (1,860) (5,147) Adjusted Earnings Before Taxes (Non-GAAP) $ 1,843 $ 9,093
Slide 34: Adjusted ROIC ($B)
Adjusted ROIC ($B) Four Quarters Four Quarters Ending Q4 2023 Ending Q4 2024 Adjusted Net Operating Profit / (Loss) After Cash Tax Net Income / (Loss) Attributable to Ford $ 4.3 $ 5.9 Add: Noncontrolling Interest (0.0) 0.0 Less: Income Tax 0.4 (1.3) Add: Cash Tax (1.0) (1.2) Less: Interest on Debt (
Slide 35: Nameplate Segment Mix In 2024
Nameplate Segment Mix In 2024 North America Ford Blue Ford Model e Ford Pro Europe Ford Blue Ford Model e Ford Pro Core Pro Vehicles Core Pro Vehicles Super Duty — — 100% Transit Family (ICE and EV) — — 100% Transit Family (ICE and EV) — — 100% Ranger — — 100% E-Series — — 100% Non-Core Pro Vehicles
Slide 36: 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 37: 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 38: 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 39: Q4 & Full Year 2024 Earnings
Ford Power Promise Offering Complimentary Home Charger And Standard Installation Delivering Ford+ Q4 & Full Year 2024 Earnings