TLDR:
- Ford stock closed at $10.20 (+1.19%), outperforming the S&P 500’s 0.47% loss
- Q4 earnings report expected February 5, 2025, with projected EPS of $0.34 (17.24% YoY growth)
- U.S. sales increased 9% to 530,660 units in Q4 2024, with EV sales reaching 30,176 units
- Ford ranked as #4 EV brand in Q4 2024, behind Tesla, GM, and Hyundai-Kia
- Company expects $700 million special item gain from pension adjustments in Q4
Ford Motor Company presented a complex picture in the fourth quarter of 2024, combining sales growth with ongoing challenges in its electric vehicle division.
The automaker’s stock closed at $10.20, marking a 1.19% increase and outpacing broader market performance.
The company’s traditional vehicle sales demonstrated resilience, with U.S. sales climbing 9% to reach 530,660 units during the fourth quarter. Internal combustion engine vehicle sales grew by 6.8%, while hybrid vehicle deliveries showed stronger momentum with a 26.5% increase.

In the electric vehicle segment, Ford maintained its position as the fourth-largest EV brand in the United States, trailing behind Tesla, General Motors, and Hyundai-Kia. The company delivered 30,176 electric vehicles in the fourth quarter, though the division continues to face financial pressures.
The Ford Pro unit, focusing on commercial vehicles and services, expects revenues of $16.5 billion, representing a 7% year-over-year growth. However, earnings before interest and taxes for this segment are projected to decline from the previous year’s $1.8 billion to $1.6 billion.
Looking ahead to the upcoming earnings announcement on February 5, 2025, analysts predict an earnings per share of $0.34, indicating a 17.24% growth compared to the same quarter last year. Revenue expectations stand at $43.63 billion, suggesting a modest 0.76% increase year-over-year.
The company’s Model e business, dedicated to electric vehicles, continues to generate losses amid pricing pressures and increased investments in next-generation vehicles. Revenue projections for this unit show a decline to $1.22 million from $1.60 billion in the previous year.
Ford Blue, the unit responsible for internal combustion engine and hybrid models, faces a projected 2% decrease in revenues to $25.7 billion. However, its earnings before interest and taxes are expected to improve to $1.26 billion, up from $813 million in the fourth quarter of 2023.
The automaker anticipates reporting a $700 million special item gain in the fourth quarter due to pension adjustments, which will impact the overall financial results.
Trading metrics indicate Ford’s current valuation stands below historical averages, with a forward sales multiple of 0.24, lower than its five-year median of 0.31. This places the company’s valuation below the industry average of 2.44.
Warranty costs remain a persistent challenge for Ford, particularly with older models. The company has indicated these expenses will continue to impact financial performance through 2025.
Despite these challenges, Ford’s retail sales showed strength with a 17% increase from the year-ago quarter, driven largely by a 25% growth in F-Series deliveries.
The company’s investment in modernization continues across multiple fronts, including connectivity, IT infrastructure, and new product launches. While these investments aim to strengthen Ford’s future position, they currently place pressure on cash flows.
For the full year 2025, analysts project automotive revenues of $166 billion, representing a 4% decline year over year. The consensus estimate for full-year earnings per share stands at $1.71, suggesting a 3.4% contraction from the previous year.
Across the broader market context, Ford’s stock performance over the past six months has lagged behind both the industry average and key competitors, including General Motors.
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