ord Motor Company (NYSE: F) was expected to achieve a revenue of 43 billion USD based on the Q4 2023 results. However, the outcome exceeded expectations by 7%. Furthermore, the US automaker announced regular and special dividend payouts and shared an optimistic outlook for 2024. Consequently, its stock surged.

On 12 February 2024, we examined the auto giant’s financial performance, conducted a technical analysis of its stock, and explored expert forecasts for its prospects in 2024.

About Ford Motor Company

Ford Motor Company is an American company that designs, manufactures, and sells passenger and commercial vehicles, including electric and hybrid vehicles, under the Ford and Lincoln brands. Henry Ford founded it in 1903 in Detroit, Michigan.

Additionally, the company provides financial, infrastructure, and other services to its customers. The majority of its revenue comes from vehicle sales, especially pickups and trucks. According to the report, in 2023, 1.08 million units were sold, which is 13.2% more than the 2022 statistics. It also generates income from its subsidiaries and joint ventures in China, Europe, and other regions.

In 2023, the company sold 1.99 million vehicles, which is 7.1% more than the total in 2022. The most popular models were the Ford Explorer, the F-Series with the F-150 electric version, and the Transit, including the E-Transit electric version.

About Ford Blue, Ford Model E, and Ford Pro

On 26 May 2021, Ford Motor Company unveiled Ford+, the company’s development plan for the electric and hybrid vehicle era, which introduced new distinct auto units. On the same day, it launched Ford Pro, a service unit that provides a wide range of services to commercial vehicle owners.

Ford Pro components:

• Ford Pro Software – a suite of digital tools operating based on real-time vehicle data, enhancing efficiency and reducing fuel consumption
• Ford Pro Charging – electric vehicle charging solutions encompassing public charging stations, home and office chargers, and charging management and optimisation software
• Ford Pro Service – vehicle maintenance and repair services, including service centres, sales of spare parts and accessories, as well as warranty and insurance services
• Ford Pro FinSimple – financial solutions for vehicle purchase and lease, including lending, special offers and discounts

According to Ford Motor Company’s 2023 report, Ford Pro revenue reached 58.1 billion USD, marking a 19% growth compared to 2022 statistics.

The next stage involved establishing the businesses for Ford Blue and Ford Model E. The former specialises in developing and manufacturing internal combustion engine cars, while the latter focuses on producing electric vehicles, software development, and communication tools. Ford Blue and Ford Model E revenues for 2023 amounted to 101.9 billion USD and 5.9 billion USD, respectively, reflecting an 8% and 12% increase compared to 2022 results.

Analysing the financial performance of Ford Motor Company

On 6 February 2024, Ford Motor Company released the Q4 and full-year 2023 report, showing that financial performance has exceeded expectations.
Q4 2023 results compared to Q4 2022 statistics:

• Revenue: +4.55%, up to 46 billion USD, forecasted at 43 billion USD
• Net loss: 0.53 million USD compared to a previous profit of 1.3 billion USD
• Adjusted loss per share: 0.13 USD versus the previous EPS of 0.32 USD, with a forecast of 0.12 USD
• Operating cash flow: +111%, reaching 2.49 billion USD

Full-year 2023 results compared to 2022 statistics:

• Revenue: +11.47%, reaching 176.19 billion USD
• Net profit: 4.35 billion USD compared to a previous net loss of 1.98 billion USD
• Adjusted EPS: 1.08 USD versus a previous net loss of 0.49 USD
• Operating cash flow: +117.7%, reaching 14.9 billion USD

The factory workers’ strike in Q4 negatively impacted the financial statistics, which cost the company 1.7 billion USD. We will provide more details below.

The day after the report’s release, Ford Motor Company’s stock added 6.05% at the close of the trading session, rising to 12.80 USD.

Vehicle sales statistics by segment

On 4 January 2024, Ford Motor Company presented vehicle sales statistics for the last quarter and the full year 2023.

Q4 2023 sales versus Q4 2022:

• Electric vehicles: +27.5%, reaching 25,937 units
• Hybrid vehicles: +55.5%, reaching 37,229 units
• ICE vehicles: −3.4%, reaching 424,674 units

2023 sales versus 2022 statistics:

• Electric vehicles: +17.9%, reaching 72,608 units
• Hybrid vehicles: +25.3%, reaching 133,743 units
• ICE vehicles: +5.5%, reaching 1,789,561 units

Ford Motor Company financial forecast for 2024

• Adjusted EBIT: 10-12 billion USD
• EBIT Ford Pro: 8-9 billion USD
• EBIT Ford Blue: 7-7.5 billion USD
• EBIT Ford Model E: from −5 to −5.5 billion USD
• Dividends: Regular dividends of 0.15 USD per share and supplemental dividends of 0.18 USD per share are payable on 1 March 2024.