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Ford Motor (F) Tops Q4 EPS by 3c

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January 29, 2015 7:03 AM EST

Ford Motor (NYSE: F) reported Q4 EPS of $0.26, $0.03 better than the analyst estimate of $0.23. Revenue for the quarter came in at $33.8 billion versus the consensus estimate of $34.71 billion.

“2014 was a solid yet challenging year for Ford — with our investments and a record number of new products launched around the world positioning us for strong growth this year and beyond,” said Mark Fields, Ford president and CEO. “The entire Ford team remains focused on our three priorities of accelerating our One Ford plan, delivering product excellence and driving innovation in every part of the business.”

Total Automotive fourth quarter wholesale volume and revenue decreased by 2 percent and 5 percent, respectively, from a year ago. The lower volume is more than explained by North America, while the revenue decline reflects all business units; about half of the revenue decline is attributable to unfavorable exchange. Operating margin and pre-tax profit were both lower than a year ago as a result of North America.

Full year volume was about equal to a year ago, while Automotive revenue was down 3 percent, more than explained by lower volume from consolidated operations and unfavorable exchange. Operating margin and Automotive pre-tax profit also were down driven by the Americas; all other business units improved.

2015 OUTLOOK

Ford remains focused on delivering the key aspects of the One Ford plan, which are unchanged:

  • Aggressively restructuring to operate profitably at the current demand and changing model mix
  • Accelerating the development of new products that customers want and value
  • Financing the plan and improving the balance sheet
  • Working together effectively as one team, leveraging Ford’s global assets

In 2015, Ford expects to realize the benefits of its global product investment and growth strategies, and will continue its strong product push with 15 global vehicle launches. The company expects its pre-tax profit, excluding special items, to be in the $8.5 billion to $9.5 billion range.

Ford’s key metrics and planning assumptions for 2015 included the following:

2015 KEY METRICS -- BUSINESS UNITS
2014 Full Year 2015 Full Year
Results Outlook
Automotive (Mils.)
North America $ 6,898 Higher*
- Operating Margin 8.4 % 8% - 9%
South America $ (1,162) Substantially Improved*
Europe (1,062) Improved*
Middle East & Africa (20) Loss
Asia Pacific 589 Higher*
Net Interest Expense (583) Equal To or Higher*
Ford Credit (Mils.) $ 1,854 Equal To or Higher*
* Compared with 2014
2015 PLANNING ASSUMPTIONS AND KEY METRICS 2014 Full Year 2015 Full Year
Results Plan

Planning Assumptions (Mils.)
Industry Volume * -- U.S. 16.8 17.0 - 17.5

-- Europe 20

 14.6 14.8 - 15.3
-- China 24.0 24.5 - 26.5

Key Metrics
Automotive (compared with 2014):
- Revenue (Bils.)

$

 135.8 Higher
- Operating Margin ** 3.9 % Higher
- Operating-Related Cash Flow (Bils.) ***

$

 3.6 Higher
Ford Credit (compared with 2014):
- Pre-Tax Profit (Bils.)

$

 1.9 Equal To or Higher
Total Company:
- Pre-Tax Profit (Bils.) ***

$

 6.3 $8.5 - $9.5
* Based, in part, on estimated vehicle registrations; includes medium and heavy trucks
** Automotive operating margin is defined as Automotive pre-tax results, excluding special items and Other Automotive, divided by Automotive revenue
*** Excludes special items

For earnings history and earnings-related data on Ford Motor (F) click here.


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