Ford F exceeded expectations by reporting adjusted earnings of 29 cents per share for the fourth quarter of 2023, outperforming the Zacks Consensus Estimate of 12 cents. However, this figure declined from 51 cents reported in the year-ago quarter. The company’s consolidated fourth-quarter revenues amounted to a staggering $46 billion, marking a 4.5% year-over-year surge.
Resilient Segmental Performance
Ford, the U.S. legacy automaker, segments its automotive results into three business units — Ford Model e, Ford Blue, and Ford Pro. Ford Blue emphasizes the firm’s traditional gas-powered business, while Ford Model e concentrates on EVs, advanced technologies, and related aspects to support electrification plans. On the other hand, Ford Pro focuses on commercial vehicles and services.
Financial Position
Ford reported an adjusted free cash flow of $1.96 billion for the quarter. As of December 31, 2023, the company possessed cash and cash equivalents amounting to $24.86 billion. Additionally, long-term debt (excluding Ford Credit) stood at $19.5 billion at the end of the fourth quarter of 2023.
Ford has announced its regular dividend of 5 cents per share for the first quarter of 2024, along with a supplemental dividend of 18 cents per share. The dividends are payable on March 1, 2024, to shareholders of record as of February 16, 2024.
Bright 2024 Guidance
Zacks Rank & Key Picks
