Ford sees FY23 adjusted EBIT $10B-$10.5B

Ford has a new, post-strike outlook for full-year 2023 operating results – and absolute confidence in and commitment to the long-term potential of its Ford+ plan to generate growth and value. Those are the primary messages that Ford CFO John Lawler will deliver in remarks this morning at the Barclays Global Automotive and Mobility Tech Conference. Lawler is scheduled to speak at 10:10 a.m. ET in a session hosted by Barclays analyst Dan Levy. Ford withdrew 2023 financial guidance in late October during the UAW strike of certain U.S. operations. With a new labor agreement since reached and ratified, the company is providing updated financial expectations. Lawler will say that Ford now anticipates full-year 2023 adjusted earnings before interest and taxes of $10.0 billion to $10.5 billion. That would include $1.7 billion in strike-related lost profits – $1.6 billion of that from the fourth quarter – owing to interruptions in production of high-margin trucks and SUVs and, in turn, vehicle wholesales about 100,000 units lower than planned. Ford generated $4.9 billion of net income and $9.4 billion in adjusted EBIT through the first three quarters of the year, prior to full effects of the work stoppage. Full-year 2023 adjusted free cash flow is expected to be between $5.0 billion and $5.5 billion. What hasn’t changed, Lawler will say at the Barclays event, is Ford’s conviction in the Ford+ plan to build an automaker that thrives at the intersection of hardware, software and services in a rapidly evolving industry.