Ford sees FY23 adjusted EBIT of $9B-$11B

Ford said: "In 2023, Ford currently expects to earn $9 billion to $11 billion in adjusted EBIT, presuming seasonally adjusted annual rates of about 15 million vehicles in the U.S. and about 13 million in Europe. The company anticipates generating about $6 billion in adjusted free cash flow, which assumes no distributions from Ford Credit. Behind those estimates is a variety of likely tradeoffs: Headwinds including mild recession in the U.S. and moderate recession in Europe; higher industrywide customer incentives, as vehicle supply-and-demand rebalances; a lower profit from Ford Credit; a continued strong U.S. dollar; lower past service pension income; and growth-related investments, e.g., in customer experience, connected services and capital expenditures, and Tailwinds like supply chain improvements and higher industry volumes; launch of the all-new Super Duty truck; and lower costs of goods sold, including for materials, commodities, logistics and other parts of the industrial platform."