F - Ford Motor Company (F) Presents at Bank of America Securities 2024 Automotive Summit (Transcript)
2024-03-26 16:13:09 ET
Start Time: 12:10
End Time: 13:08
Ford Motor Company (F)
Bank of America Securities 2024 Automotive Summit
March 26, 2024, 12:10 PM ET
Company Participants
John Lawler - CFO
Conference Call Participants
John Murphy - Bank of America
Presentation
John Murphy
Thanks for coming back. We are very happy to have Ford in this next session. Ford is a company that, at least in our opinion, has the box loaded for the next three years on some traditional EV products. So they're in a great position from a sort of car war cycle standpoint but also is doing a great job in its core to future transition and not just resting on its laurels and obviously using the success of those core products and the business to fund the future.
So we really kind of think Ford's got its acting gear and doing as much as it possibly can. I think the separation to Model e, Ford Blue and Ford Pro has shed a lot of light, giving us a lot of information externally. But maybe even more importantly, how the management team internally managed the good, the great and a little bit of the ugly on the EV side and do it very efficiently with a lot of clarity, particularly for folks like us from the outside. So we greatly appreciate that.
Today, we're very happy to have Ford CFO, John Lawler, who knows the business inside and out, in addition to being a master capital allocator. We're going to grill you on that later too as well. John, thanks so much for joining us today. I'll turn it over to you for some opening comments, and then we got a whole host of questions for you, too.
John Lawler
Okay, great. Thanks for having me. I guess I'd first start off by saying that the Ford+ plan is on track. It really is driving higher growth, higher margins, more capital-efficient business and a less cyclical business. And those are four key priorities for us as a team as we move forward.
We reaffirmed our guidance today of an adjusted EBIT of 10 billion to 12 billion. And the high end of that guidance would be a record for Ford. So it does really point out the underlying earnings power of our businesses. And then I'd say that no change to the guidance around our segments.
Ford Blue is about 7.5 billion of adjusted EBIT. Model e, we are still projecting a loss of between 5.5 billion to 5 billion. And then, of course, Ford Pro, $8 billion to $9 billion of adjusted EBIT. Free cash flow, $6 billion to $7 billion of free cash flow. So all of the guidance we gave earlier in the year is on track.
We see ourselves on track to deliver the $2 billion of cost efficiencies, leading us to what we see as a flat cost year-over-year for the business, offsetting the impacts of the UAW agreement as well as the impacts of all the new products that we have launching this year....
Ford Motor Company (F) Presents at Bank of America Securities 2024 Automotive Summit (Transcript)