Ford Q2 Earnings Highlights: Revenue Beat, EPS Miss, Transit Vans Hit Record, EV Sales Fall 37%

Automotive giant Ford Motor Company F reported second-quarter financial results after the market close Wednesday.

Here are the key highlights.

What Happened: Ford reported second-quarter revenue of $47.8 billion, up 6% year-over-year. The revenue beat a Street consensus estimate of $44 billion according to data from Benzinga Pro.

The company reported quarterly earnings per share of 47 cents, missing a Street consensus estimate of 68 cents.

Here is Ford’s revenue by operating segment and the year-over-year performance:

• Ford Blue: $26.7 billion, +7%
• Ford Model e: $1.1 billion, -37%
• Ford Pro: $17 billion, +9%

Here is the EBIT by operating segment:

• Ford Blue: $1.7 billion
• Ford Model e: negative $1.14 billion
• Ford Pro: $2.56 billion

The company said it is the No. 1 gas-powered vehicle, No. 2 electric vehicle and No. 3 hybrid vehicle brand in the United States.

Hybrid vehicle sales were up 34% year-over-year in the second quarter and represented 9% of the company's global vehicle mix.

The Ford Model e loss comes with the company citing industrywide pricing pressure and having lower wholesales.

"Those factors more than offset about $400 million in year-over-year cost reductions in the segment," the company said.

Ford saw record volume for its Transit commercial vans in the quarter and added that customers are buying every Super Duty truck and Transit van the company can make. Ford plans on adding capacity of up to 100,000 Super Duty trucks in the company's Ontario factory.

"Our underlying quality is improving, and Ford Pro is showing the huge upside we've got in all our businesses," Ford CEO Jim Farley said.

Read Also: Ford Gears Up For Q2 Earnings: Will Bullish Charts Overcome Recent Dip?

What's Next: Ford reiterated guidance for full-year fiscal 2024 EBIT in a range of $10 billion to $12 billion.

The guidance includes the following segment outlooks for full-year EBIT:

• Ford Pro: $9 billion to $10 billion
• Ford Blue: $6 billion to $6.5 billion
• Ford Model e: negative $5 billion to negative $5.5 billion

The company sees free cash flow coming in a range of $7.5 billion to $8.5 billion, an increase of $1 billion from previous guidance.

"We still have lots of work ahead of us to raise quality and reduce costs and complexity, but the team is committed and we're heading in the right direction," Ford CFO John Lawler said.

Ford will report third-quarter financial results after market close on Oct. 28.

F Price Action: Ford shares are down 11.19% to $12.14 in after-hours trading Wednesday versus a 52-week trading range of $9.63 to $14.85.

Read Next:

• Ford Rolls Out 0% Financing On F-150 Lightning, Mach-E: Potential EV Sales Surge Ahead?

Photo courtesy of Ford.