Financial Data and Key Metrics Changes - The company reported a record revenue of $50.5 billion and adjusted EBIT of $2.6 billion, with a year-over-year revenue growth of over 9% [7][18] - Adjusted free cash flow was strong at $4.3 billion for the third quarter, totaling $5.7 billion year to date, with nearly $33 billion in cash and $54 billion in liquidity [19][20] - The adjusted EBIT guidance for 2025 was updated to between $6 billion and $6.5 billion, reflecting a net tariff headwind of $1 billion [24][25] Business Line Data and Key Metrics Changes - Ford Pro delivered revenue of $17.4 billion and EBIT of $2 billion, with revenue and volume growth of 11% and 9% respectively [20] - Ford Model e experienced revenue and volume growth driven by new product introductions in Europe, but EBIT losses increased due to lower net pricing and higher spending on next-generation vehicles [21] - Ford Blue achieved EBIT of $1.5 billion, with revenue growth exceeding wholesale unit growth, despite higher costs driven by tariffs [22] Market Data and Key Metrics Changes - The total U.S. market share grew to 12.8%, with significant contributions from key products like F-150, Bronco, Explorer, and Expedition [16] - The industry conditions were strong, with a seasonally adjusted annual rate (SAR) of 17 million and positive pricing trends [15] - The company expects a U.S. industry SAR of about 16.8 million units for 2025 [24] Company Strategy and Development Direction - The Ford Plus plan aims to capitalize on regional market trends, customer fragmentation, and increasing competition, particularly from Chinese OEMs [9] - The company is focusing on hybrids and has a universal EV platform ready for production, with plans to launch next-generation EVs by 2027 [10][19] - Strategic partnerships and innovation are emphasized as essential for achieving cost efficiency and quality improvements [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to recover from the Novelis fire impact and highlighted a proactive approach to securing alternative aluminum sources [6][7] - The management noted that the evolving emissions landscape could eliminate compliance headwinds, allowing for a more optimized mix of ICE, hybrids, and EVs [25][105] - The company anticipates a strong fourth quarter, supported by ample inventory and a disciplined approach to market opportunities [16][19] Other Important Information - The company announced a regular dividend of $0.15 per share, payable on December 1 [19] - The company is committed to maintaining its investment-grade rating and returning capital to shareholders [19] Q&A Session Summary Question: Clarification on Novelis impact recovery - Management confirmed that the Hot Mill at Novelis is expected to be operational by late November, with plans to recover lost production in 2026 [29][30] Question: Warranty cost improvements - Management indicated that warranty costs were down year-over-year, with expectations for further reductions in the coming year [36][40] Question: Industry pricing discipline - Management expressed confidence in maintaining industry pricing discipline due to strong segment drivers and a fresh product lineup [42][44] Question: Emissions rules and profit opportunities - Management discussed the potential multibillion-dollar opportunity from new emissions rules, emphasizing the importance of optimizing vehicle mix [47][50] Question: Tariff impacts and guidance - Management clarified that the recent tariff policy changes would result in a net benefit of $1 billion, impacting the overall guidance positively [60][62] Question: EV losses and future expectations - Management acknowledged the challenges of EV profitability but indicated that they would provide updates after the fourth quarter [96][97] Question: Customer financing strategies - Management highlighted the success of a recent financing program aimed at subprime customers, which did not negatively impact average FICO scores [74][76]

Financial Data and Key Metrics Changes - The company reported a record revenue of $50.5 billion and adjusted EBIT of $2.6 billion for the quarter, with a year-over-year revenue growth of over 9% [7][19] - Adjusted free cash flow was strong at $4.3 billion for the quarter, totaling $5.7 billion year-to-date, with nearly $33 billion in cash and $54 billion in liquidity [20][19] - The company expects adjusted EBIT guidance for 2025 to be between $6 billion and $6.5 billion, reflecting a $1 billion net headwind from tariffs [25][19] Business Line Data and Key Metrics Changes - Ford Pro delivered revenue of $17.4 billion and EBIT of $2 billion, with revenue and volume growth of 11% and 9% respectively [21] - Ford Model e experienced revenue and volume growth driven by new product introductions in Europe, but EBIT losses increased due to lower net pricing and higher spending on next-generation vehicles [22] - Ford Blue achieved EBIT of $1.5 billion, with revenue growth exceeding wholesale unit growth, despite higher costs driven by tariffs [23] Market Data and Key Metrics Changes - The total U.S. market share grew to 12.8%, with significant contributions from key products like F-150, Bronco, Explorer, and Expedition [17] - The company continues to lead the hybrid truck market with about 70% share, and the all-new Expedition gained over three points of segment share [17] - The industry conditions were strong, with a seasonally adjusted annual rate (SAR) of 17 million and positive pricing trends [16] Company Strategy and Development Direction - The Ford+ plan aims to capitalize on regional market trends, fragmented customer needs, and increasing competition, particularly from Chinese OEMs [9] - The company is focusing on hybrids and developing a universal EV platform to meet future market demands, with production of LFP cells expected to start later this year [10] - Strategic partnerships and innovation are emphasized to achieve cost efficiency and quality improvements [10][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the underlying business performance, despite challenges from the Novelis fire and tariff impacts [24][25] - The company anticipates a gradual recovery from the Novelis incident, with plans to mitigate production losses in 2026 [30] - Management highlighted the importance of adapting to evolving customer demands and regulatory changes in the EV market [64][104] Other Important Information - The company announced a regular dividend of $0.15 per share, payable on December 1st [20] - The management team emphasized the need for a disciplined approach to inventory management and market opportunities [17] Q&A Session Summary Question: Clarification on Novelis recovery - Management confirmed that the hot mill at Novelis is expected to be operational by late November, with plans to recover lost production in 2026 [30][31] Question: Impact of chip supply disruptions - Management indicated that they are actively working with U.S. and Chinese administrations to resolve chip supply issues, which are critical for production [33] Question: Warranty cost improvements - Management noted that warranty costs were down year-over-year, with expectations for further reductions in the coming year [40][41] Question: Industry pricing discipline - Management expressed confidence in maintaining pricing discipline due to strong segment drivers and a fresh product lineup [42][44] Question: Emissions compliance opportunities - Management discussed the potential for significant cost savings and optimization of vehicle mix due to changes in emissions regulations [48][104] Question: Guidance comparison - Management clarified that the updated guidance reflects strong performance in the core business, with improvements in material costs and credit performance [53][107]

Financial Data and Key Metrics Changes - The company reported a record revenue of $50.5 billion and adjusted EBIT of $2.6 billion for the third quarter, with a year-over-year revenue growth of over 9% [8][27]. - Adjusted free cash flow was strong at $4.3 billion for the third quarter, totaling $5.7 billion year-to-date [28]. - The company ended the quarter with nearly $33 billion in cash and $54 billion in liquidity, highlighting a strong balance sheet [28]. Business Line Data and Key Metrics Changes - Ford Pro achieved revenue of $17.4 billion and EBIT of $2 billion, with a robust double-digit margin and a 119% growth in revenue and volume [30]. - Ford Model E experienced revenue and volume growth driven by new product introductions in Europe, but EBIT losses increased due to lower net pricing and increased spending on next-generation vehicles [30]. - Ford Blue achieved EBIT of $1.5 billion, with revenue growth exceeding wholesale unit growth, despite higher costs driven by tariffs [33]. Market Data and Key Metrics Changes - The total U.S. market share grew to 12.8%, with significant contributions from key products like F-150, Bronco, Explorer, and Expedition [24]. - The company continues to lead the hybrid truck market with approximately 70% market share [24]. - The industry conditions were strong, with a seasonally adjusted annual rate (SAAR) of 17 million units and positive pricing trends [24]. Company Strategy and Development Direction - The company is focused on its Ford Plus plan, which aims to capitalize on key market trends, including regional strategies and tailored services for retail and commercial customers [11][12]. - The strategy emphasizes innovation, cost efficiency, and partnerships to close the cost gap and achieve world-class quality [15]. - The company is prioritizing hybrids and developing an affordable EV platform, with production expected to start in 2027 [14][38]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying business performance, tracking at the high end of adjusted EBIT guidance for 2025, despite challenges from the Novelis fire and tariffs [35][36]. - The company anticipates a headwind of $1 billion or less from Novelis in 2026 and expects to mitigate at least $1 billion in 2026 related to the Novelis impact [36][37]. - Management highlighted the importance of adapting to evolving customer and market realities for EVs, indicating a proactive approach to scaling fixed costs [32]. Other Important Information - The company announced a regular dividend of 15 cents per share, payable on December 1, reflecting a commitment to returning capital to shareholders [28]. - The company is actively working to improve its warranty costs, with a year-over-year reduction of $450 million in warranty expenses [56]. Q&A Session Summary Question: Clarification on Novelis recovery - Management confirmed that the hot mill at Novelis is expected to be operational by late November, with a quick ramp-up anticipated [43]. Question: Potential disruption from chip supply issues - Management indicated that they are working with U.S. and Chinese administrations to resolve supply issues and are maximizing their purchases of necessary components [46]. Question: Warranty cost improvements - Management noted that warranty costs were down year-over-year, with expectations for continued reductions in total costs [53][56]. Question: Industry pricing discipline - Management expressed confidence in maintaining pricing discipline due to strong segment drivers and a fresh product lineup [61]. Question: Emissions rules and compliance costs - Management discussed the potential multibillion-dollar opportunity from new emissions rules, emphasizing the ability to minimize compliance costs [66][68]. Question: Profit trends in the core business - Management highlighted strong performance in the core business, with material cost improvements and solid pricing and volume contributing to the outlook [72]. Question: Tariff impacts for next year - Management clarified that the tariff impacts for next year are expected to be similar to this year, with a net impact of around $1 billion [78][81].

Financial Data and Key Metrics Changes - Ford reported a record revenue of $50.5 billion and adjusted EBIT of $2.6 billion for Q3 2025, with a year-over-year revenue growth of over 9% [5][17] - Adjusted free cash flow was strong at $4.3 billion for Q3, totaling $5.7 billion year-to-date, with nearly $33 billion in cash and $54 billion in liquidity [18][22] - The company expects adjusted EBIT guidance for 2025 to be between $6 billion and $6.5 billion, reflecting a net tariff headwind of $1 billion [23][24] Business Line Data and Key Metrics Changes - Ford Pro delivered revenue of $17.4 billion and EBIT of $2 billion, with revenue and volume growth of 11% and 9% respectively [18][19] - Ford Model e experienced increased revenue and volume driven by new product introductions in Europe, but EBIT losses increased due to lower net pricing and higher spending on next-generation vehicles [19] - Ford Blue achieved EBIT of $1.5 billion, with revenue growth exceeding wholesale unit growth [20] Market Data and Key Metrics Changes - Ford's total U.S. market share grew to 12.8%, with significant contributions from key products like F-150, Bronco, and Expedition [15] - The industry conditions in the U.S. were strong, with a seasonally adjusted annual rate (SAR) of 17 million and positive pricing [14] - The company anticipates a U.S. industry SAR of about 16.8 million units for 2025 [23] Company Strategy and Development Direction - The Ford Plus plan aims to enhance market competitiveness by focusing on regional strategies, tailored services, and digital solutions [7] - The company is prioritizing hybrids and developing an affordable EV platform expected to launch in 2027 [8][24] - Ford is adapting to evolving market conditions, including the anticipated reduction in compliance costs due to changes in emissions regulations [24][94] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to recover from the Novelis fire impact, with plans to add up to 1,000 new jobs to increase F-series production [5][27] - The management highlighted the importance of innovation and cost efficiency in a capital-intensive environment, emphasizing the need for smart partnerships [8] - The company remains committed to maintaining its investment-grade rating and returning capital to shareholders [18] Other Important Information - Ford's industrial system has shown consistent cost improvements, with a net $1 billion improvement expected this year, excluding tariff impacts [11] - The company is actively working to mitigate the impact of tariffs and production disruptions on working capital [23] Q&A Session Summary Question: Clarification on Novelis recovery - Management confirmed that Novelis' Hot Mill is expected to be operational by late November, with plans to recover lost production in 2026 [27][29] Question: Warranty cost improvements - Management indicated that warranty costs were down year-over-year by $450 million, with expectations for further reductions in the coming year [40][41] Question: Industry pricing discipline - Management expressed confidence in maintaining industry pricing discipline, citing strong underlying segment drivers and a fresh product lineup [42][44] Question: Emissions rules impact - Management discussed the potential multibillion-dollar opportunity from new emissions rules, emphasizing the ability to optimize vehicle mix and reduce compliance costs [47][51] Question: 2026 guidance and cost expectations - Management provided insights on expected tailwinds and headwinds for 2026, including cost improvements and the impact of Novelis [103]

Market Overview - Stocks are climbing, primarily driven by a rebound in the tech sector and a jump in oil prices, with the Dow up about 170 points and the S&P 500 up approximately 0.7% [1][3] - The NASDAQ composite is up 1%, and small-cap stocks, represented by the Russell 2000, are up 1.5% [3][4] Sector Performance - Energy is leading the market today, with tech following closely behind, both sectors outperforming the S&P 500 [6][59] - Notable tech stocks include Nvidia, which is up 1.3%, and Tesla, which is up 2% [7][60] - The volatility index (VIX) has decreased, indicating reduced market fear [4] Oil Market Dynamics - Oil prices surged over 5% due to sanctions imposed on two Russian energy companies, with WTI settling above $61 per barrel and Brent above $65 per barrel [9][11] - Despite the recent increase, year-to-date, WTI is down 15% and Brent is down 13% [11] Earnings Reports - Intel reported third-quarter revenue of $13.7 billion, exceeding expectations, but provided a lower fourth-quarter guidance of $13.3 billion [64][65] - Ford's third-quarter results topped estimates, but the company adjusted its full-year guidance lower due to an aluminum plant fire impacting F-150 production, projecting a $1.5 to $2 billion EBIT headwind [83][84] Company Insights - Intel's CEO highlighted that AI is accelerating demand for compute, creating opportunities across their portfolio [66] - Ford plans to increase F-150 production by over 50,000 trucks in 2026 to meet demand despite production disruptions [86] Consumer Trends - Tractor Supply reported a 7% increase in comparable sales for Q3 but noted a decline in discretionary big-ticket items, reflecting current consumer spending challenges [36][39] - Windham Hotels slashed its full-year outlook and missed revenue estimates, indicating a pullback in travel demand [41][42] Geopolitical Considerations - The upcoming meeting between U.S. and Chinese leaders is being closely monitored, particularly regarding the Taiwan situation and its potential impact on the semiconductor ecosystem [30][31]

Market Overview - The trading day is nearing its end with stocks attempting to reach record highs, although some factors may hinder this progress [1][2] - The earnings season has been performing well so far, with more significant names set to report [2] - The Dow Jones Industrial Average increased by 146 points (0.3%), while the S&P 500 rose by 39 points (0.6%) [6] Company Earnings Intel - Intel reported an adjusted EPS of $0.23, beating the expected $0.12, with revenue up 3% year-over-year at $13.65 billion [10][11] - The forecast for Q4 revenue is projected between $12.8 billion and $13.8 billion, with a notable increase in data center and AI revenue, which reached $4.12 billion [12][19] - The company noted stronger-than-anticipated demand in the data center segment, particularly for server build-outs [13][20] - Intel's shares rose by 6% in after-hours trading following the earnings report [19][35] Ford - Ford anticipates an adjusted EBIT hit of $1.5 to $2 billion in 2025 due to a fire incident affecting aluminum production [23] - The company revised its full-year adjusted EBIT guidance down to $6 billion to $6.5 billion, missing analyst estimates [27] - Ford's shares fell by approximately 3.3% in after-hours trading, reflecting concerns over long-term strategy and EV build-out [24][27] Deckers - Deckers, the maker of Uggs and Hoka shoes, reported net sales of $0.43 billion, with full-year sales guidance of $5.35 billion, slightly below market expectations [30][31] Western Union - Western Union reported revenue growth of 1.03%, with adjusted EPS of $0.47, exceeding the estimate of $0.43, leading to a 4.4% increase in shares [33] Newmont Corporation - Newmont Corporation's adjusted EPS for Q3 was $0.71, with sales of $5.52 billion, surpassing estimates of $5.29 billion, resulting in a slight increase in shares [34]

Strong sales and lower-than-expected tariff costs propelled Ford Motor’s revenue and operating income well past Wall Street estimates in the third quarter https://t.co/Gv3mfINI8v ...

Q3 2025 Financial Highlights - Ford reported Q3 2025 revenue of $505 billion, a 9% increase year-over-year[19, 22] - The company's adjusted EBIT was $26 billion, with an adjusted EBIT margin of 51%[19, 22] - Adjusted free cash flow reached $43 billion, up $11 billion from the previous year[19, 22] - Adjusted EPS was $045, a decrease of $004 year-over-year[22] Segment Performance - Ford Blue's EBIT was $15 billion, with an EBIT margin of 55%[22] - Ford Model e experienced an EBIT loss of $14 billion, with an EBIT margin of -791%[22] - Ford Pro achieved an EBIT of $20 billion, with an EBIT margin of 114%[22] Year-to-Date Financial Results - Year-to-date revenue reached $1414 billion, a 3% increase year-over-year[24] - Year-to-date adjusted EBIT was $57 billion, a 29% decrease year-over-year[24] - Year-to-date adjusted free cash flow was $57 billion, a decrease of $03 billion year-over-year[24] - Ford Blue's year-to-date EBIT was $23 billion, with an EBIT margin of 31%[24] - Ford Model e's year-to-date EBIT loss was $36 billion, with an EBIT margin of -667%[24] - Ford Pro's year-to-date EBIT was $56 billion, with an EBIT margin of 109%[24] Additional Key Points - Ford Pro paid software subscriptions grew 8% sequentially to 818K[19] - The company announced a Q4 regular dividend of $015 per share[16] - The company estimates a net tariff impact of approximately $1 billion for the full year[67]

You had, as Sherry House was telling us earlier, you would have raised your full year guidance were it not for this aluminum plant novellas fire. How deep was the damage. Can you can you quantify that in terms of like F150 units or expedition and navigator units.How how hard did it hit you or will it hit you in the fourth quarter. Well, we're still working through it, Matt. Hi.Thanks for having me on the show. We're still working through it. It'll be, I'd say, around 100,000 units, but we still have the opp ...

Core Insights - The company is facing challenges due to a fire at an aluminum plant, which is expected to impact production by around 100,000 units this year, but recovery is anticipated next year with potential gains of $1.5 billion to $2.5 billion [2][3][4] - Tariff headwinds have been significantly reduced, from an expected $2 billion to a more manageable level, benefiting the company as it produces a majority of its vehicles domestically [3][4][8] - The company is focusing on high-margin vehicles and off-road segments, which are currently in high demand, indicating a strong market position [14][17] Production and Financial Impact - The fire incident is described as a serious situation, but the company is optimistic about regaining lost production in the following year [2][3] - The reduction in tariffs is seen as a major advantage, particularly for the company's domestic production capabilities compared to competitors [4][7][8] - The company is expected to maintain a strong financial outlook with anticipated recovery in production and sales [2][14] Market Position and Strategy - The company produces 80% of its sales in the U.S., with a significant portion of exports, positioning it favorably against competitors [7][8] - There is a strong focus on high-end and off-road vehicles, which are profitable and popular among consumers, indicating a strategic shift towards these segments [14][17] - The company is also investing in the electric vehicle market, with plans for affordable EVs, reflecting a commitment to adapt to changing market dynamics [21][23] Supply Chain and Raw Materials - The company is actively working to diversify its supply chain for critical materials, including rare earth elements and semiconductors, which are essential for production [23][24][25] - There is recognition of the challenges posed by reliance on foreign sources for raw materials, particularly from China, and efforts are being made to address these issues [23][25][26]