Ford Motor (F) Misses Q1 EPS by 6c; Sees Q2 Production Up 32K Unit
Ford Motor Co. (NYSE: F) reported Q1 EPS of $0.25, $0.06 worse than the analyst estimate of $0.31. Revenue for the quarter came inat $35.6 billion versus the consensus estimate of $34.06 billion.
-- Automotive operating-related cash flow of $1.2 billion. Ford ended first quarter with Automotive gross cash of $25.2 billion, exceeding debt by $9.5 billion, and a strong liquidity position of $36.6 billion.
-- Wholesale volume and revenue both increased from a year ago, with continued market share gains in Asia Pacific, driven by record market share in China
Asia Pacific reported record profit for any quarter; North America and Middle East & Africa were profitable; Europe reduced its loss by more than half and South America incurred a larger loss compared with a year ago.
PRODUCTION VOLUMES*
| 2014 | ||||||||||||||||||||||
| First Quarter | Second Quarter | |||||||||||||||||||||
| Actual | Forecast | |||||||||||||||||||||
| Units | O/(U) 2013 | Units | O/(U) 2013 | |||||||||||||||||||
| (000) | (000) | (000) | (000) | |||||||||||||||||||
| North America | 774 | (10) | 810 | (10) | ||||||||||||||||||
| South America | 94 | (17) | 105 | (29) | ||||||||||||||||||
| Europe | 382 | (4) | 405 | 4 | ||||||||||||||||||
| Middle East & Africa | 17 | 2 | 20 | 3 | ||||||||||||||||||
| Asia Pacific | 346 | 75 | 360 | 64 | ||||||||||||||||||
| Total | 1,613 | 46 | 1,700 | 32 | ||||||||||||||||||
* Includes production of Ford brand and JMC brand vehicles to be sold by unconsolidated affiliates. | ||||||||||||||||||||||
In the first quarter, total company production was about 1.6 million units, 46,000 units higher than a year ago. This is 3,000 units higher than Ford’s most recent guidance.
The company expects second quarter production to be 1.7 million units, up 32,000 units from a year ago, more than explained by higher volume in Asia Pacific. Compared with the first quarter, second quarter production is up 87,000 units.
| 2014 PLANNING ASSUMPTIONS AND KEY METRICS | Memo: | ||||||||||||||||||
| 2013 | 2014 | 2014 | |||||||||||||||||
| Full Year | Full Year | First Quarter | |||||||||||||||||
| Results | Plan | Outlook | Results | ||||||||||||||||
Planning Assumptions (Mils.) | |||||||||||||||||||
| Industry Volume * -- U.S. | 15.9 | 16.0 - 17.0 | On Track | 16.0 | |||||||||||||||
-- Europe 20 | 13.8 | 13.5 - 14.5 | 14.0 - 15.0 | 14.5 | |||||||||||||||
-- China | 22.2 | 22.5 - 24.5 | On Track | 22.9 | |||||||||||||||
Key Metrics | |||||||||||||||||||
| Automotive (Compared with 2013): | |||||||||||||||||||
| - Revenue (Bils.) | $ | 139.4 | About Equal | On Track | $ | 33.9 | |||||||||||||
| - Operating Margin ** | 5.4 | % | Lower | On Track | 3.4 | % | |||||||||||||
| - Operating-Related Cash Flow (Bils.) *** | $ | 6.1 | Substantially Lower | On Track | $ | 1.2 | |||||||||||||
| Ford Credit (Compared with 2013): | |||||||||||||||||||
| - Pre-Tax Profit (Bils.) | $ | 1.8 | About Equal | About Equal/Higher | $ | 0.5 | |||||||||||||
| Company: | |||||||||||||||||||
| - Pre-Tax Profit (Bils.) *** | $ | 8.6 | $7 - $8 Billion | On Track | $ | 1.4 | |||||||||||||
For earnings history and earnings-related data on Ford Motor Co. (F) click here.