Ford Motor Company reported a net income attributable to Ford Motor Company of $5.9 billion for the year ended December 31, 2024, compared to $4.3 billion in 2023. Company adjusted EBIT was $10.2 billion in 2024, a decrease of $208 million from the previous year. Diluted earnings per share were $1.46 in 2024, up from $1.08 in 2023, while diluted adjusted earnings per share decreased to $1.84 from $2.01. The increase in net income was primarily due to lower special items and higher Ford Pro segment earnings, partially offset by lower Ford Blue segment earnings and higher taxes.
Significant changes compared to 2023 included a $1.2 billion expense related to the cancellation of an all-electric three-row SUV program in 2024, and lower Ford Blue and Ford Model e segment EBIT. Ford Pro segment EBIT increased by $1.8 billion, while Ford Credit segment EBT increased by $323 million. The company also reported $1.9 billion in pre-tax special item charges in 2024, primarily due to the SUV program cancellation and restructuring actions. In 2023, pre-tax special item charges totaled $5.1 billion, largely driven by pension and OPEB remeasurement, restructuring, and a customs matter.
Ford's operations are organized into three customer-centered segments: Ford Blue (ICE and hybrid vehicles), Ford Model e (electric vehicles and digital technologies), and Ford Pro (commercial vehicles and services). In 2024, Ford sold approximately 4.5 million vehicles globally. The company also provides financial services through Ford Credit. Ford Next, a segment focused on emerging business initiatives, was discontinued as of January 1, 2025. The company's global workforce totaled approximately 171,000 employees at the end of 2024.
Key operational developments included a 2% decrease in Ford Blue segment wholesales, a 9% decrease in Ford Model e wholesales, and a 9% increase in Ford Pro wholesales. Ford Blue's EBIT margin decreased to 5.2% from 7.3%, while Ford Pro's margin increased to 13.5% from 12.4%. Ford Model e reported an EBIT loss of $5.1 billion. The company's U.S. sales included 98,000 electric vehicles and 187,000 hybrid vehicles in 2024. Ford also noted that it entered into agreements to purchase approximately $4.3 billion in regulatory compliance credits during 2024.
Looking ahead, Ford provided 2025 guidance, projecting adjusted EBIT of $7.0 billion to $8.5 billion and adjusted free cash flow of $3.5 billion to $4.5 billion. The company anticipates Ford Pro EBIT of $7.5 billion to $8.0 billion, Ford Blue EBIT of $3.5 billion to $4.0 billion, and a Ford Model e EBIT loss of $5.0 billion to $5.5 billion. Ford Credit is projected to have EBT of approximately $2.0 billion. The company cautioned that actual results could differ materially from its guidance due to various risks and uncertainties.
About FORD MOTOR CO
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