rmc523 Posted October 24, 2019 Share Posted October 24, 2019 (edited) Ford's PDFs are here: https://media.ford.com/content/dam/fordmedia/North America/US/2019/10/23/3q-results-2019.pdf Article/highlights here: https://www.autoblog.com/2019/10/23/ford-third-quarter-2019-earnings/ Quote DEARBORN, Mich. — Ford on Wednesday posted a lower quarterly profit as it took charges for its global restructuring, and reduced its full-year operating profit forecast due to higher warranty and incentive costs, as well as lower-than-expected sales in China. The No. 2 U.S. automaker reported a third-quarter net profit of $425 million, or 11 cents a share, compared with $991 million, or 25 cents a share, for the third quarter a year earlier. The quarter included $1.5 billion in special charges, mostly for its global restructuring that included the formation of its Indian joint venture with Mahindra & Mahindra. Excluding one-time charges, Ford earned 34 cents a share, above the 26 cents analysts had expected according to IBES data from Refinitiv. Revenue in the quarter fell 2% to $37 billion, above the $33.98 billion expected. Virtually all of Ford's third-quarter pretax profit came from North America — its most lucrative market — where highly profitable pickup trucks drive margins for the Dearborn, Michigan-based automaker and its Detroit rivals, General Motors and Fiat Chrysler Automobiles NV. Ford said on Wednesday it now expects full-year adjusted operating profit in the range of $6.5 billion to $7 billion, compared with $7 billion last year. In July, it had forecast it would increase, ending in the range of $7 billion to $7.5 billion. Ford also said it expects adjusted earnings this year in the range of $1.20 to $1.32 a share. Previously, the high end of its forecast had been $1.35. Edited October 24, 2019 by rmc523 Quote Link to comment Share on other sites More sharing options...
Fordowner Posted October 24, 2019 Share Posted October 24, 2019 Many articles are citing the problems with the Explorer launch that has reduced sales. I sure hope they have resolved these issues and we see a dramatic rise in Explorer. Likewise, hopefully the new Escape launches more smoothly. If so, $8.55 a share is a good deal for Ford Stock - though who knows when the bottom will fall out in the Market caused in part by unsustainable deficit spending and loose monetary policy. 1 Quote Link to comment Share on other sites More sharing options...
fuzzymoomoo Posted October 24, 2019 Share Posted October 24, 2019 My profit sharing check in March is going to be awful ? Figures, it's the first year I'm not laid off a bunch too ?? Quote Link to comment Share on other sites More sharing options...
Harley Lover Posted October 24, 2019 Share Posted October 24, 2019 (edited) January 2019: “2018 was mediocre by any standard,” Hackett said in the email. “Yes, we made $7 billion last year. But think of it this way: this represents a 4.4 percent operating margin, about half what we believe is an appropriate margin. So we are aiming for much closer to $14 billion.” Hackett did not give a timetable for hitting the $14 billion target. Hackett also said in looking at Ford’s 2018 results: “I become mad for a short time. Likely mad at myself, but also because I know we are better than that. ... I know that our competition hasn’t been better than us by magic.” Ford did not provide Wall Street with a specific financial forecast for 2019. It simply said it had the potential to improve earnings and revenue. If 2018 results were "mediocre" what does that make the forecasted results for 2019? Again, spare the talk, where are the results? https://www.cnbc.com/2019/01/25/ford-ceo-jim-hackett-time-to-bury-2018-focus-on-doubling-profit.html Edited October 24, 2019 by Harley Lover Quote Link to comment Share on other sites More sharing options...
akirby Posted October 24, 2019 Share Posted October 24, 2019 The one time restructuring charges were $1.5B for just one quarter. Add in a slow rollout of Explorer/Aviator/Escape and Corsair and then add Mach-E, Bronco and Baby Bronco and I'd say the forecast looks pretty good, but probably a year later than Hackett was hoping. Quote Link to comment Share on other sites More sharing options...
rperez817 Posted October 24, 2019 Share Posted October 24, 2019 1 hour ago, Harley Lover said: If 2018 results were "mediocre" what does that make the forecasted results for 2019? Disastrous. With U.S. recession looming, things will get a lot worse for Ford before they get better. Quote Link to comment Share on other sites More sharing options...
silvrsvt Posted October 24, 2019 Share Posted October 24, 2019 17 minutes ago, rperez817 said: Disastrous. With U.S. recession looming, things will get a lot worse for Ford before they get better. That same recession they've been talking about since 2016? 1 1 Quote Link to comment Share on other sites More sharing options...
Harley Lover Posted October 24, 2019 Share Posted October 24, 2019 1 hour ago, akirby said: The one time restructuring charges were $1.5B for just one quarter. Add in a slow rollout of Explorer/Aviator/Escape and Corsair and then add Mach-E, Bronco and Baby Bronco and I'd say the forecast looks pretty good, but probably a year later than Hackett was hoping. Are you implying that those restructuring charges were unknown to Hackett when he made the quoted comments? I highly doubt that. Quote Link to comment Share on other sites More sharing options...
akirby Posted October 24, 2019 Share Posted October 24, 2019 47 minutes ago, rperez817 said: Disastrous. With U.S. recession looming, things will get a lot worse for Ford before they get better. Take away the one time global restructuring charge and it was a $2B profit quarter. How is that possibly disastrous, especially since we know it was negatively affected by the Explorer launch? Quote Link to comment Share on other sites More sharing options...
HotRunrGuy Posted October 24, 2019 Share Posted October 24, 2019 3 hours ago, Fordowner said: If so, $8.55 a share is a good deal for Ford Stock I've got a buy order in at $8.50 . C'mon baby, drop just a little further,,,,,,, HRG Quote Link to comment Share on other sites More sharing options...
akirby Posted October 24, 2019 Share Posted October 24, 2019 22 minutes ago, Harley Lover said: Are you implying that those restructuring charges were unknown to Hackett when he made the quoted comments? I highly doubt that. Of course not - just the opposite. When he was talking about 8% margins he wasn't anticipating a several billion dollar charge for restructuring. I'm saying if you take that away (because you wouldn't expect them to still be paying for that next year) then they're a lot closer to the 8% margin, and that's before you factor in Aviator, Bronco and Mach-E and other new vehicles. Quote Link to comment Share on other sites More sharing options...
mackinaw Posted October 24, 2019 Share Posted October 24, 2019 (edited) 1 hour ago, rperez817 said: Disastrous. With U.S. recession looming, things will get a lot worse for Ford before they get better. An expected profit of between 6.5-7 billion dollars for 2019 is really quite good. Edited October 24, 2019 by mackinaw Quote Link to comment Share on other sites More sharing options...
jpd80 Posted October 25, 2019 Share Posted October 25, 2019 Globally, Ranger is Ford’s second most profitable vehicle behind F Series. Quote Link to comment Share on other sites More sharing options...
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