Ford Records Better-Than-Anticipated Q2 Operating Results

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Thread: Ford Records Better-Than-Anticipated Q2 Operating Results

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    Ford Records Better-Than-Anticipated Q2 Operating Results

    https://media.ford.com/content/dam/f...q-fin-ford.pdf

    https://media.ford.com/content/fordm...g-results.html

    DEARBORN, Mich., July 30, 2020 -- Ford Motor Company (NYSE:F) today reported its 2020 second quarter financial results. Click here or visit media.ford.com to view the news release. Visit shareholder.ford.com for the slide presentation and access the webcast to the Ford earnings call, which begins at 5 p.m. ET. The call will feature Jim Hackett, president and CEO; Tim Stone, chief financial officer; and other members of the Ford senior management team.

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    Re: Ford Records Better-Than-Anticipated Q2 Operating Results

    Good thing they got that $3.5B gain from the VW investment!

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    Re: Ford Records Better-Than-Anticipated Q2 Operating Results

    Am I reading it correctly? They lost $974M in NA and $2.1B world wide? But they were expected to lose $5B so it's better than expected. Ok.
    Last edited by TruckMan; 07-30-2020 at 05:00 PM.
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    The $5 billion forecast was issued by Ford back in April. They probably thought the worst case scenario was better than misleading the market by painting too much blue sky.

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    Re: Ford Records Better-Than-Anticipated Q2 Operating Results

    Quote Originally Posted by jpd80 View Post
    The $5 billion forecast was issued by Ford back in April. They probably thought the worst case scenario was better than misleading the market by painting too much blue sky.
    Probably so, but anyhow Kudos to Ford for it.

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    Re: Ford Records Better-Than-Anticipated Q2 Operating Results

    Quote Originally Posted by jpd80 View Post
    The $5 billion forecast was issued by Ford back in April. They probably thought the worst case scenario was better than misleading the market by painting too much blue sky.
    Everything was idled in April, with unknown re-start dates.

    It would (be like) not knowing how much of your saving you are going to burn through when laid-off, thinking you might be off for 3 months when it ends up only being 3 weeks.
    Last edited by Ed753; 08-02-2020 at 10:09 AM. Reason: (be like)
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    Re: Ford Records Better-Than-Anticipated Q2 Operating Results

    The earnings call was interesting, but they are warning of significant shortfalls on F-150 sales coming as a result of the Pandemic and changeover to the 2021 model. I'm wondering if F-150's sales crown will be in danger. I don't think Ford was able to build up inventory ahead of the changeover, although the 2021 model was designed to be built in-tandem with the old model so production disruption shouldn't be huge.

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    Re: Ford Records Better-Than-Anticipated Q2 Operating Results

    There was only a 1 month overlap of Plant Change Overs. Dearborn Final Order date was June 24th. Kanas City was July 29th. 2021's not due until November, so there will be a Shortage.

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    Re: Ford Records Better-Than-Anticipated Q2 Operating Results

    Quote Originally Posted by Ed753 View Post
    Everything was idled in April, with unknown re-start dates.

    It would not knowing how much of your saving you are going to burn through when laid-off, thinking you might be off 3 months when it ends up only being 3 weeks.
    I wonder how many companies will remain solvent without a stealth nationalization brought upon by the actions of those doing the nationalizing,

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    Quote Originally Posted by BORG View Post
    The earnings call was interesting, but they are warning of significant shortfalls on F-150 sales coming as a result of the Pandemic and changeover to the 2021 model. I'm wondering if F-150's sales crown will be in danger. I don't think Ford was able to build up inventory ahead of the changeover, although the 2021 model was designed to be built in-tandem with the old model so production disruption shouldn't be huge.
    F150 poduction has been going gangbusters for the last two months so I don't see a problem
    for what will be a relatively minor plant change over to the 21 model, since they already have
    most changes covered.

    And if the changeover is still November, I can see Ford building strong production until then
    and aggressively selling down the MY20s up past Christmas and into the early new year.

    GM, Ram and Ford, having their full sized pickup production closed down at the same time levels the field
    on reduced sales this year but I think F Series may hold on for the win but, shortages of 6.7 Powerstrokes
    from Mexico due to covid restrictions could be the difference that causes the unthinkable to happen.
    the loss of sales crown.,
    Last edited by jpd80; 07-31-2020 at 09:49 PM.

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    Re: Ford Records Better-Than-Anticipated Q2 Operating Results

    Quote Originally Posted by TruckMan View Post
    Am I reading it correctly? They lost $974M in NA and $2.1B world wide? But they were expected to lose $5B so it's better than expected. Ok.
    Those are automotive segments, the forecast is the whole enchilada, with a huge one-time gain causing confusion. And it is by design. I worked in the Ford Finance world and they are good at what they do and have integrity to be sure, but they accentuate the positive for the superficial press. The Operating Loss in Q2-2020 was ($2.8B) vs Q2 2019 $0.09B income (which might as well be a loss since it does not provide a good return).

    That gain on sale of investment is a one timer and I hope that they are not eating their young or seed corn with that move. See Attached.Ford.PNG

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    Re: Ford Records Better-Than-Anticipated Q2 Operating Results

    Quote Originally Posted by BORG View Post
    The earnings call was interesting, but they are warning of significant shortfalls on F-150 sales coming as a result of the Pandemic and changeover to the 2021 model. I'm wondering if F-150's sales crown will be in danger. I don't think Ford was able to build up inventory ahead of the changeover, although the 2021 model was designed to be built in-tandem with the old model so production disruption shouldn't be huge.
    But shortfalls due to the pandemic, aren't unique to Ford, everybody had shut-downs, right?


    Quote Originally Posted by InCogKneeToe View Post
    There was only a 1 month overlap of Plant Change Overs. Dearborn Final Order date was June 24th. Kansas City was July 29th. 2021's not due until November, so there will be a Shortage.
    Looking at a pre-Covid production forecast Dearborn was supposed to build-out in June and Kansas City was supposed to build-out in August, I suspect those dates will just go a bit deeper into the year. The shortage was when the plants were down, and they worked through the normal July break, assuming no more shut-downs, I don't see how there would be a shortage, will 2021's start arriving later than originally planned; yes, but 2020 will continue to arrive later than initially planned too.


    Quote Originally Posted by jpd80 View Post
    F150 poduction has been going gangbusters for the last two months so I don't see a problem
    for what will be a relatively minor plant change over to the 21 model, since they already have
    most changes covered.

    And if the changeover is still November, I can see Ford building strong production until then
    and aggressively selling down the MY20s up past Christmas and into the early new year.

    GM, Ram and Ford, having their full sized pickup production closed down at the same time levels the field
    on reduced sales this year but I think F Series may hold on for the win but, shortages of 6.7 Powerstrokes
    from Mexico due to covid restrictions could be the difference that causes the unthinkable to happen.
    the loss of sales crown.,
    The build-outs, just got pushed back a bit when the plants were down, some of that they caught back up on, working through the planned 2-week summer shut-down.

    Supply chain issues could happen, hitting one or the other harder than the rest.
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    Quote Originally Posted by Ed753 View Post
    The build-outs, just got pushed back a bit when the plants were down, some of that they caught back up on, working through the planned 2-week summer shut-down.

    Supply chain issues could happen, hitting one or the other harder than the rest.
    Not sure that’s entirely true. My Cadillac dealer said many of their 2020 orders were cancelled once the factories started up again mid May. They lost 8 weeks total shutdown. Then there was at least another 4-6 weeks before they were running 100%. Working through 2 week shutdown will help some and pushing out 2021 production will help some too but unless you permanently move out each model year production 2 months (or add extra shifts?) you still lost 2 months. I think most plants will split the baby - push out 2020 production a month or so and then squeeze 2021 a month shorter to get back on typical calendar.

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    Re: Ford Records Better-Than-Anticipated Q2 Operating Results

    Quote Originally Posted by Sneakers View Post
    Not sure that’s entirely true. My Cadillac dealer said many of their 2020 orders were cancelled once the factories started up again mid May. They lost 8 weeks total shutdown. Then there was at least another 4-6 weeks before they were running 100%. Working through 2 week shutdown will help some and pushing out 2021 production will help some too but unless you permanently move out each model year production 2 months (or add extra shifts?) you still lost 2 months. I think most plants will split the baby - push out 2020 production a month or so and then squeeze 2021 a month shorter to get back on typical calendar.
    We are primarily talking about the F150 which 2020 and 2021 are different models/generations.

    The entire supply-chain of parts was established to build a certain number of trucks, you can't deviate from that dramatically, without a lot of pain.

    Models that didn't notably change, in most cases, they can keep the same EOP/SOP dates, it's just a matter of VIN # coding. So yes in those cases, 2020 MY vehicles were lost.

    In Ford's case, for "calendar year" 2020 I suspect, they are going to make (about) the same number of 2020 F-150's as they had originally planned, but because of the amount of 2020 parts, the 2021 MY start dates were pushed-back, meaning they will likely make fewer 2021's.
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    Re: Ford Records Better-Than-Anticipated Q2 Operating Results

    Should Ford rename itself The F150 company?

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