Ford Motor Co. (NYSE:F) Q4 2018 Earnings Conference Call Transcript

Jan 23, 2019 • 05:30 pm ET

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Ford Motor Co. (NYSE:F) Q4 2018 Earnings Conference Call Transcript

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Operator
Operator

Good day. My name is Deirdre and I will be your conference operator today. At this time I would like to welcome you to the Ford Motor Company Fourth Quarter 2018 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) After the question and answer session there will be closing remarks.

At this time I would now like to turn the call over to Lynn Antipas Tyson, Executive Director of Investor Relations.

Executive
Lynn Antipas Tyson

Thank you Deirdre. Welcome everyone to Ford Motor Company's fourth quarter 2018 earnings call. Presenting today are Jim Hackett, our President and CEO, Bob Shanks our Chief Financial Officer and Jim Farley, President of Global Markets. Also joining us today are Marcy Klevorn, President Mobility, Joe Hinrichs, President, Global Operations and Brian Schaaf, CFO of Ford Credit.

Jim Hackett will begin with a brief review of our progress relative to the value creation framework. Bob will then review our quarter results in more detail. And then Jim Farley will talk about the actions we're taking to improve our performance in China and Europe. After Jim's comments we'll open the call up for questions. Following Q&A Jim Hackett will have a few closing remarks.

Our results discussed today include some non-GAAP references. These are reconciled to the most comparable US GAAP measure in the appendix of our earnings deck which can be found along with the rest of our earnings materials at shareholder.ford.com. Today's discussions include forward-looking statements about our expectations for future performance. Actual results may differ from those stated and the most significant factors that could cause actual results to differ are included on slide 47. In addition, unless otherwise noted, all comparisons are year-over-year, Company EBIT, EPS and operating cash flow are on an adjusted basis and product mix is on a volume weighted basis.

Now let me turn the call over to Jim Hackett.

Executive
James P. Hackett

Thank you, Lynn. And thanks to all of you for joining us today. If you would turn to slide two, as we recap 2018 and look ahead to 2019, I would like to make a couple of points to start our discussion this evening. For Ford, 2018 will be known as the year between the business that wasn't designed right and the business that we know will win. Certainly it was a challenging year and then we were hit by some headwinds, outside of our control and frankly poor performance in some parts of the business which we have now taken action to address.

Importantly through 2018, it was a year of progress where we laid the foundation for a much stronger, more resilient and more dynamic business. A business that we want to tell you can thrive now and in the future. So I am really optimistic as we enter 2019, we have a clear vision, we have a solid plan and we are in execution mode. We're fortifying and building