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   Non-TechFord Motor Company


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From: Glenn Petersen7/27/2023 7:22:21 PM
1 Recommendation   of 219
 
Ford raises full-year guidance after solid earnings beat

PUBLISHED THU, JUL 27 202312:00 PM EDT4
UPDATED AN HOUR AGO
Michael Wayland @MIKEWAYLAND
CNBC.com

KEY POINTS

-- Ford Motor on Thursday raised its 2023 guidance after second-quarter earnings significantly beat Wall Street expectations, boosted by strong pricing and demand for the automaker’s traditional vehicles.

-- Ford increased its full-year adjusted earnings forecast to a range of between $11 billion and $12 billion, up from a prior forecast $9 billion and $11 billion.

-- EV adoption, however, is taking place more slowly than the company expected, in part because of higher costs.

DETROIT — Ford Motor on Thursday raised its 2023 guidance after second-quarter earnings significantly beat Wall Street expectations, boosted by strong pricing and demand for the automaker’s traditional vehicles even as adoption of EVs took hold slower than the company expected.

Ford increased its full-year adjusted earnings forecast to a range of between $11 billion and $12 billion, up from a prior forecast $9 billion and $11 billion. It also upped its expected adjusted free cash flow to a range of $6.5 billion to $7 billion from earlier guidance of $6 billion.

There was pressure on Ford to raise its guidance after crosstown rival General Motors raised its yearly guidance Tuesday for the second time this year.

Ford finance chief John Lawler said vehicle demand and pricing were “holding up” better than the company anticipated at the beginning of the year for its traditional businesses. However, he said, electric vehicle adoption is taking place more slowly than the company expected, in part because of higher costs.

Ford’s traditional business operations, known as Ford Blue, earned $2.31 billion during the quarter, while it’s Ford Pro commercial business earned $2.39 billion. Its “Model e” electric vehicle unit lost $1.08 billion from April through June.

The company said it now expects to lose $4.5 billion on the EV business this year, widening losses from roughly $3 billion a year earlier.

Here’s how Ford did during the second quarter, compared with what Wall Street expected based on average estimates compiled by Refinitiv:

Adjusted earnings per share: 72 cents vs. 55 cents expected

Automotive revenue: $42.43 billion vs. $40.38 billion expected

The automaker reported net income of $1.92 billion, or 47 cents per share, substantially up from a year earlier when it earned $667 million, or 16 cents per share.

Ford said its adjusted earnings before interest and tax, or adjusted EBIT, jumped to $3.79 billion, up from $3.72 billion a year ago. Its adjusted margin dropped to 8.4%, from from 9.3% in the year-ago period, amid increased production and sales.

Total revenue for the quarter was $45 billion, up 12% from $40.2 billion a year earlier.

It’s the second quarterly report in which the automaker broke down its financial results by business unit instead of by region.

Ford Motor (F) earnings Q2 2023 (cnbc.com)

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From: Julius Wong8/10/2023 10:07:08 PM
   of 219
 
GM, Ford, Stellantis slide as union president tosses proposals in the dustbin

Aug. 10, 2023 4:37 PM ET
Stellantis N.V. (STLA), GM, F
By: Christiana Sciaudone, SA News Editor
79 Comments

Bill Pugliano/Getty Images News

General Motors Company (NYSE: GM), Ford (NYSE: F) and Stellantis N.V. (NYSE: STLA) slid amid worries that a strike or big union wage increase may be imminent.

It probably didn’t help that the United Auto Workers union president tossed STLA’s contract proposals in the literal garbage on Tuesday.

GM was down 5.8% while F fell 4.5% on Thursday. STLA was down 1.8%.

Tensions remain high between manufacturers and the United Auto Workers union as contract negotiations continue. Should a contract not be agreed upon, the union could strike next month.

The UAW is reported to be pushing for at least a 40% pay increase over the four-year contract, which would include a 20% jump in wages from the start.

STLA broke a pledge not to seek givebacks in this round of talks, UAW President Shawn Fain said in a statement. On Tuesday, Fain jettisoned STLA’s contract proposals into a trash can.

Last week, GM traded shots with the UAW ahead of the September 14 expiration of the current four-year labor contract. The company said it expects to offer unionized workers higher wages, but warned that granting the United Auto Workers' contract demands for large pay rises would hurt its ability to make sound business decisions.

Stellantis ( STLA) is the lead negotiator with the UAW, but the union has also presented demands to General Motors ( GM) and Ford Motor ( F).

The UAW demands would add more than $80B to each of the biggest U.S. automakers’ labor costs, Bloomberg reported, citing people familiar with the companies’ estimates.

When it reported earnings recently, GM's updated guidance did not include potential disruptions that could arise from a UAW strike.

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From: Savant8/15/2023 10:51:06 AM
   of 219
 
Ford's CEO had a charging 'reality check' on his electric F-150 Lightning road trip (msn.com)

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From: Savant8/26/2023 1:59:31 PM
1 Recommendation   of 219
 
Ford just got a loan bigger than anything seen ‘since the advent of the auto industry’ — here’s what the company is spending it on (msn.com)

The U.S. Department of Energy (DOE) announced that it will be giving Ford a $9.2 billion loan to build electric vehicle (EV) factories.

This loan, which Ford will be using to build three separate factories, will substantially increase the American car manufacturer’s capacity for building vehicles that do not rely on gas.

“Not since the advent of the auto industry 100 years ago have we seen an investment like that,” Gary Silberg, global automotive sector leader at the accounting firm KPMG, told Bloomberg.

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From: Savant10/2/2023 3:21:30 PM
   of 219
 
RT....strike cost $4 bln over 2 weeks...
Autoworkers strike has cost US economy nearly $4B, report says (msn.com)

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From: Thomas M.10/27/2023 1:51:05 PM
   of 219
 
Ford Lost $62,016 For Every EV It Sold In 3Q

robertbryce.substack.com

Tom

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From: Savant11/24/2023 12:08:31 PM
   of 219
 
Ford scaling back battery plant plans
Ford to scale back plans for $3.5 billion Michigan battery plant as EV demand disappoints, labor costs rise (msn.com)

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From: Savant11/28/2023 8:28:44 PM
   of 219
 
Ford 2024 Mustang...will surveil everything you do and possibly turn u over to the coppers or other 'lawful' entity, also has a speed limiter and can read speed limit signs

(35) Ford Mustang 2024 , It's A Great Car, But.... - YouTube

**not the only new car that will do this, apparently

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To: Savant who wrote (211)11/29/2023 1:43:36 PM
From: OldAIMGuy
   of 219
 
Ugh. My '33 street rod sounds better all the time. They can surveil me if they can catch me!!!
It's time to tell Big Brother to mind his own business and budget and leave citizens alone.
OAG

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From: Savant12/5/2023 3:25:34 PM
   of 219
 
msn.com

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