Ford Half-Year Report 2023

Ford Pro, Ford Blue Drive Solid Second-Quarter Results; Company Raises Expectations for Full-Year 2023 Profitability

• Revenue increases 12% year-over-year to $45 billion; net income ($1.9 billion) and adjusted EBIT ($3.8 billion) also higher; cash and liquidity persistently strong
• Appeal of Ford Pro to commercial customers produces 22% revenue growth; EBIT more than doubles to $2.4 billion, a 15% margin; software, repair services sales up
• Ford Blue gas and hybrid business posts higher wholesales and revenue, reports $2.3 billion in EBIT; all-new global Ranger pickup even more popular, profitable
• Ford Model e revenue up 39%; scaling, competitive pricing further establishing leadership ahead of industry’s next-generation EVs; now expecting to reach 600K run rate in 2024
• Company raises full-year 2023 guidance for adjusted EBIT to between $11 billion

In the second quarter, Ford Pro – with a winning combination of vehicles, software and services that generates value for commercial customers and pricing power for Ford – turned 8% growth in product shipments into a 22% jump in revenue. The business unit’s $2.4 billion in EBIT was more than twice its profitability a year ago and represented a 15% margin