Ford 2023 Revenue Grows 11 Percent

The U.S. automaker's 2023 full-year net income was 4.3 billion dollars, up from a 2-billion-dollar net loss in 2022; adjusted earnings before interest and taxes (EBIT) was 10.4 billion dollars, falling within the company's November guidance between 10 billion dollars and 10.5 billion dollars; operating cash flow was solid at 14.9 billion dollars; and adjusted free cash flow (FCF) of 6.8 billion dollars was significantly better than its outlook of 5.0 billion dollars to 5.5 billion dollars.

Ford's balance sheet remained strong, with nearly 29 billion dollars in cash and more than 46 billion dollars in liquidity at the end of 2023.

In the fourth quarter of 2023, Ford's revenue was 46 billion dollars, an increase of 4 percent year on year; and adjusted EBIT totaled 1.1 billion dollars.

Ford attributed the net loss of 526 million dollars in the fourth quarter to the re-measurement of pension and other post-retirement employee benefits plans.

For full-year 2024, Ford is projecting an adjusted EBIT of 10 billion dollars to 12 billion dollars, adjusted FCF of 6 billion dollars to 7 billion dollars, and capital spending of 8 billion dollars to 9.5 billion dollars.

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