Ford Motor Co. (NYSE:F) Q4 2014 Earnings Conference Call - Final Transcript

Jan 29, 2015 • 09:00 am ET


Ford Motor Co. (NYSE:F) Q4 2014 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen. And welcome to the Ford Fourth Quarter Earnings Conference Call. My name is Chantelle, and I will be your facilitator for today's call. At this time, all participants are in listen-only mode. We will facilitate a question-and-answer session towards the end of this conference. (Operator Instructions)

As a reminder, this conference is being recorded for replay purposes. I would now like to turn the conference over to your host for today, Mr. George Sharp, Executive Director of Investor Relations. Please proceed, sir.

George Sharp

Thank you, Chantelle, and good morning. Welcome to everyone joining us today either by phone or by webcast. On behalf of the entire Ford management team, I'd like to thank you for taking the time to be with us this morning so that we can provide you with additional details of our fourth quarter and full year 2014 financial results.

Presenting today are Mark Fields, our President and CEO; and Bob Shanks, our Chief Financial Officer. Also participating are Stuart Rowley, our Corporate Controller; Neil Schloss, Corporate Treasurer; Paul Andonian, Director of Accounting; and Mike Seneski, Ford Credit CFO.Now copies of this morning's press release and the presentation slides are available on Ford's Investor and Media websites.

(Forward-Looking Cautionary Statement)

With that, I'd like to turn the presentation over to Mark.

Mark Fields

Thanks, George, and good morning, everyone. Today we are going to review our fourth quarter and our full year 2014 financial results, and we'll also update our view of the business environment for 2015 and also our guidance for the year ahead. So let's get right into the first slide.Our results this quarter and for the full year reflect our continued focus on our One Ford plan, which remains unchanged. Our plan is served as well and we'll continue to do so going forward.

And we are now building on our success by accelerating the pace of progress throughout our business. We are starting to see the full benefits and strength of One Ford,

Unidentified Speaker

and we intend to maximize these opportunities going forward.And here at Ford, we are passionate about product excellence and leading in innovation. And we are absolutely committed to building on our product strength today, we have even more new products and innovations that will deliver growth for our stakeholders and define our company going forward.

So now let's turn to slide two for a look at the fourth quarter and the full year. The fourth quarter was our 22nd consecutive profitable quarter. Automotive operating related cash flow was positive and liquidity remained strong. Fourth quarter wholesale volume and company revenue were lower than a year ago by 2% and 5%, respectively.Looking at the business units, North America and Asia-Pacific were profitable, and Ford Credit once again delivered strong results. For the full year, the company delivered its fifth consecutive year of pre-tax profit and positive automotive operating related cash flow, and the results were consistent with guidance.

North America was profitable and we achieved a record profit in Asia-Pacific.