Q2 2024 Ford Motor Co Earnings Call Transcript
Key Points
- Ford Motor Co (F) reaffirmed its adjusted EBITDA guidance for the year and raised its outlook for adjusted free cash flow.
- Ford Pro business is tracking towards $70 billion in revenue this year, with further opportunities for profitable growth outside of vehicle sales.
- Ford's global hybrid portfolio is on track to grow 40% this year across nine nameplates.
- Ford leads in over-the-air updates (OTAs) according to the 2024 OEM OTA capability rankings in North America.
- Ford Pro's software and physical services are expected to contribute 20% of EBIT by 2026.
- Ford Motor Co (F) experienced an increase in warranty costs in Q2, tied to new technologies and inflationary pressures.
- Ford Model Y generated a loss of $1.1 billion due to continued industry pricing pressures and a decline in wholesales.
- Ford's EBIT was flat sequentially despite revenue growth, reflecting higher warranty and manufacturing costs.
- Ford is facing emerging headwinds in warranty and inflationary pressures in Turkey.
- Ford's balance sheet, while strong, shows a significant expansion in the capital base without a corresponding improvement in returns.
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Good day, everyone. My name is Gary and I will be your conference operator today. At this time, I would like to welcome you to the Ford Motor Company Second Quarter 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. If you would like to ask a question during this time, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note, this event is being recorded.
At this time, I would like to turn the call over to Lynn until post Tyson Executive Director of Investor Relations.
Thank you, Gary, and welcome to Ford Motor Company's second quarter 2024 earnings call. With me today are Jim Farley, President and CEO, and John Lawlor, Vice Chair and Chief Financial Officer. Also joining us for Q&A. As Kathy O'Callaghans, CE. Ford Credit sales
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