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Tuesday, February 4, 2020

====Ford Motor (F) reported earnings on Tue 4 Feb 20 (a/h)

Ford Motor misses by $0.05, beats on revs; guides FY20 EPS below consensus 
  • Reports Q4 (Dec) earnings of $0.12 per share, excluding non-recurring items, $0.05 worse than the S&P Capital IQ Consensus of $0.17; revenues fell 5.0% year/year to $39.7 bln vs the $36.55 bln S&P Capital IQ Consensus.
  • Co issues downside guidance for FY20, sees EPS of $0.94-1.20, excluding non-recurring items, vs. $1.30 S&P Capital IQ Consensus.
  • According to Ford, it is too early to estimate implications of the coronavirus outbreak on its business. Excluding any possible effects from the issue, for full-year 2020, the company anticipates:
    • Adjusted free cash flow of $2.4 billion to $3.4 billion
    • Adjusted EBIT of $5.6 billion to $6.6 billion, which assumes at least nominal growth in the Automotive business, offset by lower EBT from Ford Credit and modestly higher investment in Mobility
    • An adjusted effective tax rate in the mid-to-high teens, producing an adjusted EPS of 94 cents to $1.20 per share
    • Capital expenditures of $6.8 billion to $7.3 billion -- as much as $800 million below the level of 2019, reflecting benefits from the company's fitness initiatives
    • Funded pension contributions of $600 million to $800 million, and
    • Regular quarterly dividends of 15 cents per share, subject to board approval each quarter.
  • In the first quarter, Ford expects adjusted EBIT to be down more than $1.1 billion from Q1 2019 as a result of the continuation of higher warranty costs seen during the second half of 2019, lower vehicle volumes, lower results from Ford Credit, and higher investment in Mobility. The company expects its Q1 adjusted effective tax rate to be at the high end of its full-year guidance range.

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