DETROIT — Ford Motor beat Wall Street’s top- and bottom-line expectations for the fourth quarter but forecast a tougher year ahead for the company, as CEO Jim Farley promises improvements in vehicle quality and costs.
Shares of Ford fell 5% in after-hours trading.
Ford’s forecast this year calls for adjusted earnings before interest and taxes, or EBIT, of $7 billion to $8.5 billion; adjusted free cash flow of $3.5 billion to $4.5 billion; and capital expenditures between $8 billion and $9 billion.
For 2024, Ford reported adjusted EBIT of $10.2 billion, or $1.84 in adjusted earnings per share, and net income of $5.9 billion, or $1.46 in earnings per share. The automaker reported total revenue, including its financial arm, was a company record of $185 billion, and adjusted free cash flow was $6.7 billion.
“We think it’s prudent. There’s a lot of external factors … but our future is really in our hands,” Farley said Wednesday during…
