Ford Motor Company stock research
FY2024 Q3
Ford Motor (F) Gross Margin — Quarter Ended Sep 30, 2024
Revenue decreased compared to the prior quarter, while gross profit declined more sharply, causing gross margin to weaken. Versus the same quarter last year, revenue was higher but gross profit was lower, resulting in a lower gross margin.
Gross margin takeaway
Quarter ended Sep 30, 2024 · FY2024 Q3
Revenue decreased compared to the prior quarter, while gross profit declined more sharply, causing gross margin to weaken. Versus the same quarter last year, revenue was higher but gross profit was lower, resulting in a lower gross margin.
- The decline in gross profit relative to revenue was the primary factor behind the gross margin weakening, as cost of revenue decreased only modestly compared to the revenue drop.
- Compared to the prior quarter, gross margin weakened as revenue fell and gross profit decreased more than proportionally. Compared to the same quarter last year, gross margin also weakened, with revenue higher but gross profit lower.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
13.0%
Gross profit
$6.0B
Revenue
$46.2B
Cost of revenue
$40.2B
Quarter-over-quarter change
-2.3 pts
Year-over-year change
-1.2 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 |
|---|---|---|---|---|
| Dec 31, 2023 | $46.0B | $5.1B | $40.9B | 11.1% |
| Mar 31, 2024 | $42.8B | $6.3B | $36.5B | 14.7% |
| Jun 30, 2024 | $47.8B | $7.3B | $40.5B | 15.3% |
| Sep 30, 2024 | $46.2B | $6.0B | $40.2B | 13.0% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2024
-2.3 pts
Year-over-year change
Sep 30, 2023
-1.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The decline in gross profit relative to revenue was the primary factor behind the gross margin weakening, as cost of revenue decreased only modestly compared to the revenue drop.
Compared to the prior quarter, gross margin weakened as revenue fell and gross profit decreased more than proportionally. Compared to the same quarter last year, gross margin also weakened, with revenue higher but gross profit lower.
Monitor the trajectory of cost of revenue relative to revenue, as the current quarter showed a smaller reduction in cost compared to the revenue decline.