Ford Motor(US:F) Zhi Tong Cai Jing·2026-02-10 23:33Core Insights - Ford Motor Company reported its first disappointing quarterly profit of 2024, with Q4 revenue declining 5% year-over-year to $45.9 billion and adjusted earnings per share of $0.13, below the market expectation of $0.18 [1] - The company anticipates significant profit growth by 2026, despite facing challenges from unexpected tariff bills and losses in its electric vehicle segment [1][2] Financial Performance - In Q4, Ford's adjusted EBIT was $1 billion, impacted by an unexpected change in tariff terms that resulted in a loss of approximately $900 million in expected savings [1] - The company expects adjusted EBIT for 2026 to reach between $8 billion and $10 billion, surpassing the $6.8 billion projected for 2025 [2] Tariff and Cost Impacts - Ford's CFO indicated that tariffs would again reduce profits by about $2 billion this year due to the need to purchase foreign-manufactured aluminum for its best-selling F-series trucks [5] - The company plans to increase capital expenditures to a maximum of $10.5 billion this year, up from less than $9 billion in 2025, including an additional $1 billion investment in a new business for energy storage batteries [5] Market Sentiment and Strategic Outlook - Investor sentiment has improved as Ford appears to be making progress in reducing high costs that have historically placed it at an $8 billion competitive disadvantage [5] - The company is expected to produce more high-margin SUVs and trucks, benefiting from regulatory changes that allow for increased production of these vehicles [5] Segment Performance - Ford's traditional business, Ford Blue, reported an EBIT of $727 million in Q4, approximately half of the previous year's figure, while U.S. vehicle deliveries increased by 2.7% [6] - The electric vehicle segment, Model e, reported a loss of $1.22 billion, an improvement from a nearly $1.4 billion loss in the previous year [6][7]