Ford Motor : DescrptionCurrent report filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8-K

CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report: January 23, 2019

(Date of earliest event reported)

FORD MOTOR COMPANY

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)

1-3950	38-0549190
(Commission File Number)	(IRS Employer Identification No.)
One American Road, Dearborn, Michigan	48126
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code 313-322-3000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

• [] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

• [] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

• [] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

  (17 CFR 240.14d-2(b))

• [] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

(17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02. Results of Operations and Financial Condition .

Ford Motor Company ("Ford" or "Company") hereby incorporates by reference its news release dated January 23, 2019, which is filed as Exhibit 99.1 hereto.

Beginning at 5:30 p.m. on January 23, 2019, Ford President and Chief Executive Officer Jim Hackett, Chief Financial Officer Bob Shanks, and members of Ford's senior management will host a conference call to discuss Ford's preliminary fourth quarter and full year 2018 financial results. Investors may access the presentation by dialing 1-877-870-8664 (or 1-970-297-2423 from outside the United States). The passcode for the call is a verbal response of "Ford Earnings."

The presentation and supporting materials are available atwww.shareholder.ford.com . Representatives of the investment community and the news media will have the opportunity to ask questions on the call.

Investors also may access replays of the presentation beginning after 11:00 p.m. the day of the event through January 30, 2019 by dialing 1-855-859-2056 (or 1-404-537-3406 from outside the United States). The Conference ID for replays is 6299017.

All times referenced above are in Eastern Standard Time.

Item 7.01. Regulation FD Disclosure .

Ford's presentation materials dated January 23, 2019 are furnished as Exhibit 99.2 to this Report and incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits .

EXHIBITS *

Designation

Description

Method of Filing

Exhibit 99.1

News release dated January 23, 2019

Filed with this Report

Exhibit 99.2

Presentation materials dated January 23, 2019

Furnished with this Report

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FORD MOTOR COMPANY

(Registrant)

Date: January 23, 2019

By: /s/ Corey M. MacGillivray

Corey M. MacGillivray Assistant Secretary

*

Any reference in the attached exhibit(s) to Ford's corporate website(s) and/or other social media sites or platforms, and the contents thereof, is provided for convenience only; such websites or platforms and the contents thereof are not incorporated by reference into this Report nor deemed filed with the Securities and Exchange Commission.

Ford Motor Company Reports Fourth Quarter and Full Year 2018 Results • Revenue up in the fourth quarter and full year; net income, adjusted EBIT and margin lower • North America EBIT margin of 7.6% in the quarter and 7.9% in the full year • Continued strong results at Ford Credit, with best full-year earnings before taxes in eight years • Balance sheet remains strong with cash and liquidity balances above targets DEARBORN, Mich., Jan. 23, 2019 - Ford Motor Company today released its preliminary fourth-quarter and full-year 2018 financial results. Company revenue increased from the prior year in both periods, while net income and company adjusted EBIT were both lower. North America delivered a fourth-quarter EBIT margin of 7.6 percent and a full-year margin of 7.9 percent. Ford Credit had strong results in the quarter and its best full year earnings before taxes in eight years. The company ended the year with cash and liquidity balances that were above its targets of $20 billion and $30 billion, respectively. "We have consistently laid the foundation for the global redesign of our business, clearly investing to sharpen our competitiveness so we can better serve customers and invest for the future," said Jim Hackett, Ford president and CEO. "Ford enters 2019 with a clear vision, a solid plan, and we are now in execution mode." 2018 FOURTH QUARTER & FULL YEAR FINANCIAL RESULTS* Fourth-quarter company revenue rose 1 percent, due to improved mix and higher net pricing. Company net loss of $0.1 billion included a negative $0.9 billion non-cash pre-tax mark-to-market adjustment for global pension and OPEB plans. Company adjusted EBIT of $1.5 billion was driven by North America, which posted fourth-quarter EBIT of $2.0 billion and an EBIT margin of 7.6 percent. Ford Credit continued its strong performance with fourth- GAAP quarter EBT of $663 million. Cash Auto operations outside of North America generated an Net Flows EBIT loss of $828 million in the fourth quarter, down $692 Income Net from Op. Revenue EPS Margin million, driven by China and Europe . Income Activities In the full year, net income was $3.7 billion and company adjusted EBIT was $7 billion, driven by North America, with 4Q 2018 $41.8B $(0.1)B $(0.03) (0.3)% $1.4B an EBIT margin of 7.9 percent, and Ford Credit EBT of $2.6 billion, its highest in eight years. B/(W) 4Q 2017 $0.5B $(2.6)B $(0.66) (6.4) ppts $(1.8)B While auto operations reported a lower EBIT than a year ago, driven by China and Europe, all regions continued to FY 2018 $160.3B $3.7B $0.92 2.3% $15.0B focus on improving operational fitness while building on core company strengths. In Europe, Ford posted record SUV B/(W) sales, while Ranger was the region's best-selling pick up, FY 2017 $3.5B $(4.1)B $(1.01) (2.6) ppts $(3.1)B and Ford once again was the best-selling commercial vehicle brand. In the Asia Pacific region, India and Thailand achieved record full-year sales, and Lincoln set a new annual sales record for the fourth consecutive year in China. NON-GAAP "While 2018 was a challenging year, we put in place key Company Company Adj. Op. building blocks to build a more resilient and competitive Company Adjusted Adj. EBIT Cash Adj. EBIT EPS Margin business model that can thrive no matter the economic Flow environment," said Bob Shanks, Ford CFO. "We are confident in our plan to transform our business." 4Q 2018 $1.5B $0.30 3.5% $1.5B Shanks said the company balance sheet remains strong, with $23.1 billion of cash and $34.2 billion of liquidity. B/(W) 4Q 2017 $(0.6)B $(0.09) (1.4) ppts $(0.7)B Shanks said Ford expects to be able to fully fund its business needs and capital plans in 2019, while maintaining cash and liquidity levels at or above its target levels. He FY 2018 $7.0B $1.30 4.4% $2.8B added Ford sees the potential for year-over-year improvement in the company's key financial metrics as it B/(W) FY 2017 $(2.6)B $(0.48) (1.7) ppts $(1.4)B works to close the gaps versus targets. *See endnote on page 5 All comparisons are year-over-year unless noted otherwise. Ford Motor Company: 4Q / FY January 23, 2019

AUTOMOTIVE SEGMENT RESULTS Wholesales Revenue Market Share EBIT EBIT Margin 4Q 2018 1,474K $38.7B 5.9% $1.1B 2.9% B/(W) 4Q 2017 (275)K $0.2B (0.7) ppts $(0.5)B (1.4) ppts FY 2018 5,982K $148.3B 6.3% $5.4B 3.7% B/(W) FY 2017 (625)K $2.6B (0.7) ppts $(2.7)B (1.9) ppts Market EBIT Wholesales Revenue EBIT Share Margin North America ƒ 4Q NA revenue and bottom-line metrics improved YoY; volume-related metrics lower 4Q 2018 738K $25.8B 12.8% $2.0B 7.6% ƒ 4Q EBIT at $2B, up $188M YoY B/(W) (1)K $1.7B (0.8) ppts $0.2B 0.3 ppts ƒ NA and U.S. SAAR down 2% and 1%, respectively 4Q 2017 ƒ Healthy improvement in market factors due to favorable mix and higher net pricing FY 2018 2,920K $96.6B 13.4% $7.6B 7.9% ƒ 2018 profit sharing for eligible hourly full-time UAW- represented employees is approximately $7,600 on a B/(W) FY 2017 (47)K $3.1B (0.5) ppts $(0.5)B (0.7) ppts full-year basis and will be paid on March 14, 2019 South America All 4Q SA metrics down YoY except SAAR ƒ 4Q 2018 89K $1.2B 7.6% $(199)M (16.4)% ƒ SA SAAR up 2% with growth of 17% in Brazil and a reduction of 44% in Argentina; Brazil higher for the 7th B/(W) (18)K $(0.5)B (1.3) ppts $(10)M (5.3) ppts consecutive quarter 4Q 2017 ƒ SA market share down in all major markets, except Peru ƒ Volume decline driven by Argentina with revenue down FY 2018 365K $5.3B 8.3% $(678)M (12.8)% due to weaker currencies B/(W) FY 2017 (8)K $(0.5)B (0.6) ppts $75M 0.1 ppts Europe ƒ All 4Q Europe metrics lower YoY except market 4Q 2018 361K $7.4B 7.3% $(199)M (2.7)% share, which was unchanged Europe SAAR down 8%, including Turkey down B/(W) ƒ 4Q 2017 (55)K $(0.7)B - ppts $(288)M (3.8) ppts 50%, resulting in lower volume and revenue ƒ Highest 4Q commercial vehicle market share since 1994 FY 2018 1,533K $31.3B 7.2% $(398)M (1.3)% Lower EBIT due to higher cost, adverse exchange ƒ

B/(W) (49)K $1.6B (0.3) ppts $(765)M (2.5) ppts and lower volume FY 2017 Middle East & Africa 4Q MEA top-line metrics lower YoY; EBIT and EBIT ƒ 4Q 2018 32K $0.7B 3.0% $(49)M (7.0)% margin higher ƒ MEA SAAR up 5%, though down 9% in markets B/(W) (3)K $(0.1)B (1.3) ppts $17M 1.3 ppts where Ford participates 4Q 2017 ƒ Market share lower in most major markets - key driver of lower volume FY 2018 109K $2.7B 3.0% $(7)M (0.3)% ƒ Revenue down because of lower volume B/(W) FY 2017 (10)K $0.1B (0.8) ppts $239M 9.0 ppts Asia Pacific All 4Q AP metrics down YoY driven by China ƒ 4Q 2018 254K $3.6B 2.2% $(381)M (10.7)% ƒ Revenue decline of 5% due to unfavorable exchange and lower volume B/(W) 4Q 2017 (198)K $(0.2)B (1.2) ppts $(411)M (11.5) ppts ƒ AP market share lower due to China performance ƒ Lower volume driven by China JVs FY 2018 1,055K $12.4B 2.5% $(1,102)M (8.9)% B/(W) FY 2017 (511)K $(1.7)B (0.9) ppts $(1,761)M (13.6) ppts 2 Ford Motor Company: 4Q / FY January 23, 2019

MOBILITY AND FORD CREDIT SEGMENT RESULTS EBIT Mobility Segment Results ƒ 4Q Mobility EBIT loss due to planned investments in mobility 4Q 2018 $(195)M services and autonomous vehicle business development B/(W) 2017 $(95)M FY 2018 $(674)M B/(W) 2017 $(375)M EBT Ford Credit Segment Results ƒ Strong 4Q and best FY EBT in eight years 4Q 2018 $663M ƒ 4Q improvement reflects favorable lease residual performance and favorable volume and mix B/(W) 2017 $53M FY 2018 $2.6B B/(W) 2017 $0.3B 3 Ford Motor Company: 4Q / FY January 23, 2019