F earnings call for the period ending September 30, 2024.
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Ford Motor Company (F 2.71%)
Q3 2024 Earnings Call
Oct 28, 2024, 5:00 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good day, everyone. My name is Layla, and I will be your conference operator today. At this time, I would like to welcome you to the Ford Motor Company third quarter 2024 earnings conference call. All lines have been placed on mute to prevent any background noise.
After the speakers’ remarks, there will be a question-and-answer session. [Operator instructions] At this time, I would like to turn the call over to Lynn Antipas Tyson, executive director of investor relations.
Lynn Antipas Tyson — Executive Director, Investor Relations
Thank you, Layla. Welcome to Ford Motor Company’s third quarter 2024 earnings call. With me today are Jim Farley, president and CEO; and John Lawler, vice chair and CFO. Also joining us today is Cathy O’Callaghan, CEO of Ford Credit.
Today’s discussions include some non-GAAP references. These are reconciled to the most comparable U.S. GAAP measures in the appendix of our earnings deck. You can find the deck along with the rest of our earnings materials and other important content at shareholder.ford.com.
Our discussion also includes forward-looking statements about our expectations. Actual results may differ from those stated. The most significant factors that could cause actual results to differ are included on Page 20. Unless otherwise noted, all comparisons are year over year.
Company EBIT, EPS, and free cash flow are on an adjusted basis. Lastly, I’d like to call out a key near-term IR engagement. On November 20, John Lawler, vice chair and CFO; and Sherry House, VP, finance, will participate in a fireside chat with Dan Levy at the Barclays Global Automotive and Mobility Tech Conference in New York. Now, I’ll turn the call over to Jim.
James D. Farley — President, Chief Executive Officer, and Director
Thanks, Lynn. Hi, everyone, and thank you for joining us today. I want to start by thanking our global team for their commitment to Ford+ and to adding and creating value for all of our shareholders. I’d like to touch on an overview of our strategy and why we believe we’re so well positioned versus the competitors in key areas, and John will take you through the Q3 results and full-year outlook.
Several years ago, we restructured our overseas operations and our global footprint is a key strength for Ford. We restructured in Europe, South America, India, and China. Collectively, in 2018, those regions were losing $2.2 billion and burned $3.4 billion in cash. Now, all of those regions are collectively profitable.
We’re going to continue to stay laser-focused on cost and getting leaner as a company, but our team won’t be distracted by major international restructuring facing other OEMs, especially in China. And speaking of China, we’ve gone asset-light for a couple of years, as we’ve told you. We have strong JV partners, and we have a growing export business. In fact, China and its exports are now contributing over $600 million to the company’s EBIT this year.
