DEARBORN, Mich., April 25, 2018 Ford Motor Company today released its first quarter 2018 financial results. The company delivered increased revenue, up 7 percent year over year, and net income of $1.7 billion, up 9 percent year over year, more than explained by a lower tax rate. Company adjusted EBIT of $2.2 billion was down from a year ago, due to commodity cost increases and adverse exchange. In addition, the company announced that its fitness initiatives are driving an improved outlook. Ford is now targeting an 8 percent adj. EBIT margin in 2020, two years earlier than previously anticipated. Ford is also targeting its return on invested capital (ROIC) to substantially increase by 2020. “We are committed to taking the appropriate actions to drive profitable growth and maximize the returns of our business over the long term,” said Jim Hackett, president and CEO. “Where we can raise the returns of underperforming parts of our business by making them more fit, we will. If appropriate returns are not on the horizon, we will shift that capital to where we can play and win.” The accelerated 2020 targets are enabled by $11.5 billion of cost and efficiency opportunities that span the entire company and include engineering, marketing and sales, manufacturing, material cost and IT. In addition, Ford expects to improve its capital efficiency. The company had previously expected to spend about $34 billion in capital from 2019 to 2022 and has now cut that by $5 billion, to $29 billion over the same period. “This quarter is in line with expectations and consistent with our outlook for the full year, but we know we can, and must, do better,” said Bob Shanks, executive vice president and CFO. “The entire team is focused on improving the operational fitness of our business, as well as meeting and exceeding our accelerated 2020 target of 8 percent margin and ROIC in the high teens.”Hackett also provided an update to Ford’s strategic framework, declaring that Ford will create long term value by: •Building a winning portfolio and focusing on products and markets where Ford can win. For example, by 2020, almost 90 percent of the Ford portfolio in North America will be trucks, utilities and commercial vehicles. Given declining consumer demand and product profitability, the company will not invest in next generations of traditional Ford sedans for North America. Over the next few years, the Ford car portfolio in North America will transition to two vehicles –the best-selling Mustang and the all-new Focus Active crossover coming out next year. The company is also exploring new “white space” vehicle silhouettes that combine the best attributes of cars and utilities, such as higher ride height, space and versatility.•Making a full commitment to new propulsion choices, including adding hybrid-electric powertrains to high-volume, profitable vehicles like the F-150, Mustang, Explorer, Escape and Bronco. The company’s battery electric vehicle rollout starts in 2020 with a performance utility, and it will bring 16 battery-electric vehicles to market by 2022. •Build a viable and profitable autonomous technology business offering the most trusted and human-centered ride-hailing and goods delivery experience.•Creating and scaling a mobility platform and experience that customers and partners will embrace. Ford is targeting to become more than just a provider of mobile solutions. As outlined at CES in January, its ambition is to create the Transportation Mobility Cloud of choice for cities and being an orchestrator of all digital connections from vehicle to street to business to home. Ford also announced that Ford Credit plans to maintain its managed receivables for the foreseeable future at the same level as it ended the quarter, in order to maintain a strong overall risk profile for Ford.In addition, the company plans to hold an investor meeting on Sept. 26 of this year to provide investors an update on Ford Motor Company’s progress improving the operational fitness of the business, while building toward its vision of the future.
No interceptor sedan https://www.ford.com/police-vehicles/
Also being discussed here: https://www.autos.ca/forum/index.php?topic=101190.msg1322876#new
So...good time to go out and buy a new Fusion Sport then, eh? It might not be an orphan now, but it will be. There's a brand new 2017 at a Wpg dealer for $34 and change...but then I read a new Accord 2.0 is faster...and you can get a manual...so then why? Fine...I'll just keep what I got. So hard to fight the itch.
