Ford Motor Co.'s net income increased 37% year-over-year in 2024 to $5.9 million, with the automaker reversing a fourth-quarter loss in the fourth quarter of the prior year and beating Wall Street expectations.

For the full year, the Dearborn, Michigan, automaker recorded a $10.2 billion adjusted operating profit, a 5.5% margin, on revenue of $185 billion, which was up 5% from 2023 and marked Ford's highest revenue year. Although the operating profit fell 1.9% and margin was down from 5.9%, Ford still finished above its $10 billion forecast and surpassed average analyst predictions, according to Yahoo Finance."

Analysts were expecting revenue of $175 billion and earnings of $1.79 per share. Ford recorded adjusted earnings per share of $1.85 for the year.

Market conditions, however, have resulted in Ford forecasting a less profitable year in 2025 as pricing competitiveness and high interest rates affect consumers. Policies related to tariffs and tax credits face changes under President Donald Trump, but that is not reflected in the guidance for adjusted operating profit of $7 billion to $8.5 billion. That would be a 17% to 31% decrease from 2024. The Blue Oval also forecasted first-quarter operating earnings to be break-even because of lower volumes and unfavorable product mix related to launches at Kentucky Truck and Michigan Assembly plants.

“In 2025, we expect to make significantly more progress on our two biggest areas of opportunity— quality and cost — as we enter the heart of our Ford+ transformation," CEO Jim Farley said in a statement. "We control those key profit drivers, and I am confident that we are on the right path to create long-term value for all our stakeholders.”

Ford achieved a $1.8 billion net income in the last three months of 2024, reversing a half-a-billion-dollar loss from the year prior on $48.2 billion in revenue, which was up 5%. Adjusted operating income for the quarter was up 91% to $2.1 billion.

Last year, Ford Blue, the company's internal combustion engine and hybrid vehicle business, posted operating income down 29% to $5.284 billion and a 5.2% operating margin. The automaker had predicted $5 billion in earnings from Ford Blue after decreasing the outlook twice last year. It expects $3.5 billion to $4 billion in operating earnings from Ford Blue in 2025.

Ford Pro, the commercial vehicle business, reported $9.015 billion in operating income, up 25% year-over-year, and a 13.5% operating margin. Ford has predicted $9 billion in earnings from the division. The outlook is between $3.5 billion and $4 billion from Ford Blue in 2025.

And the loss posted by Ford Model e, the business unit dedicated to electric vehicles, was $5.076 billion compared to $4.701 billion in 2023. The company said it expected to lose $5 billion on Model e in 2024 after idling its plant in Dearborn producing unprofitable F-150 Lightning trucks from mid-November to the end of the year to preserve earnings. The company expects another $5 billion to $5.5 billion loss from Model e in 2025.

Ford Blue posted operating income of $1.581 billion in the fourth quarter. Ford Pro's was $1.629 billion, and Model e lost $1.389 billion.

Ford will pay a 15-cent regular and 15-cent supplemental dividend on March 3 to shareholders of record on Feb. 18.

Beating expectations last week, crosstown rival General Motors Co. made $6 billion in net income on revenue of $187.4 billion. Stellantis NV will reports second-half and full-year 2024 financial results on Feb. 16 before markets open in Europe.

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