Ford Motor Company stock research
FY2024 Q1
Ford Motor (F) Gross Margin — Quarter Ended Mar 31, 2024
Revenue was lower than the prior quarter but higher than the same quarter last year. Gross profit improved from the prior quarter but declined from a year ago, while cost of revenue decreased sequentially and increased year-over-year, resulting in a gross margin that strengthened from the prior quarter but weakened compared to the same quarter last year.
Gross margin takeaway
Quarter ended Mar 31, 2024 · FY2024 Q1
Revenue was lower than the prior quarter but higher than the same quarter last year. Gross profit improved from the prior quarter but declined from a year ago, while cost of revenue decreased sequentially and increased year-over-year, resulting in a gross margin that strengthened from the prior quarter but weakened compared to the same quarter last year.
- The gross margin improved sequentially as revenue declined less proportionally than cost of revenue, while the year-over-year decline in gross margin was driven by a larger proportional increase in cost of revenue relative to revenue.
- Compared to the prior quarter, gross margin improved. Compared to the same quarter one year earlier, gross margin weakened.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
14.7%
Gross profit
$6.3B
Revenue
$42.8B
Cost of revenue
$36.5B
Quarter-over-quarter change
+3.6 pts
Year-over-year change
-1.7 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2023 | $45.0B | $7.5B | $37.5B | 16.6% |
| Sep 30, 2023 | $43.8B | $6.3B | $37.5B | 14.3% |
| Dec 31, 2023 | $46.0B | $5.1B | $40.9B | 11.1% |
| Mar 31, 2024 | $42.8B | $6.3B | $36.5B | 14.7% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2023
+3.6 pts
Year-over-year change
Mar 31, 2023
-1.7 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin improved sequentially as revenue declined less proportionally than cost of revenue, while the year-over-year decline in gross margin was driven by a larger proportional increase in cost of revenue relative to revenue.
Compared to the prior quarter, gross margin improved. Compared to the same quarter one year earlier, gross margin weakened.
Monitor the relationship between revenue and cost of revenue trends, as the year-over-year cost growth outpaced revenue growth.