Ford Motor beats by $0.17, beats on revs; guides to FY24 adjusted EBIT of $10-12 bln; announces supplemental dividend of $0.18/sh
- Reports Q4 (Dec) earnings of $0.29 per share, excluding non-recurring items, $0.17 better than the FactSet Consensus of $0.12; automotive revenues rose 3.5% year/year to $43.21 bln vs the $43.06 bln FactSet Consensus.
- Ford Pro segment revs rose 11% to $15.4 bln. Commercial customers and Ford are benefiting from the 2023 launches within Ford Pro's primary vehicle franchises: all-new Super Duty trucks in North America and Transit Custom vans in Europe. In Q4, software subscriptions increased by nearly 50% yr/yr; orders for mobile repairs more than doubled.
- Ford Blue segment (gas- and hybrid-vehicles) revenue was flat (0)% at $26.2 bln in Q4.By the end of 2024, 60% of Ford Blue's global vehicle lineup will have been recently refreshed. That includes a new version of the F-150 coming soon -- part of the company's F-Series of trucks, the best-selling vehicle in the U.S. for 47 straight years.
- Ford Model e's segment wholesales and revenue were both up at double-digit full-year rates. The start-up segment incurred a full-year EBIT loss of $4.7 billion, reflecting an extremely competitive pricing environment, along with strategic investments in the development of clean-sheet, next-generation EVs. Sales volumes of the F-150 Lightning pickup and Mustang Mach-E SUV both were up year-over-year and respectively the top-selling electric pickup and No. 3 most popular EV of any type in the U.S. for 2023.
- Co guides to FY24 adjusted EBIT of $10-12 bln; co guides to FY24 adjusted FCF of $6-7 bln; co guides to FY24 cap-ex of $8.0-9.5 bln.
- Co declares Q1 dividend of $0.15/sh and supplemental dividend of $0.18/sh.
- "EVs are here to stay, customer adoption is growing, and their long-term upside is central to Ford+."
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