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2014 Second Quarter Earnings Review July 24, 2014 (Preliminary Results)

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2014 Second Quarter Earnings Review July 24, 2014 (Preliminary Results) 2014 SECOND QUARTER EARNINGS REVIEW JULY 24, 2014 (PRELIMINARY RESULTS) SLIDE 0 OUR PLAN -- • Continue implementation of our global Plan: − Aggressively restructure to operate profitably at the current demand and changing model mix − Accelerate development of new products our customers want and value − Finance our Plan and improve our balance sheet − Work together effectively as one team -- leveraging our global assets Large PROFITABLE GROWTH Americas FOR ALL Asia Pacific Profits & Medium Small Cash Africa Europe + + = SLIDE 1 2014 SECOND QUARTER SUMMARY* • Company profitable for 20th consecutive quarter and best quarterly pre-tax profit since Second Quarter 2011; Automotive operating-related cash flow positive; strong liquidity • Year-over-year decline of 1% in wholesale volume and Company revenue; market share higher in Asia Pacific, driven by record share in China • All Automotive Business Units profitable and improved compared with a year ago, except South America • Record quarterly profit in North America; Second Quarter record profit in Asia Pacific; first quarterly profit in Europe in three years • Solid results from Ford Credit • Global new product launches on track • Reconfirming Company pre-tax profit, Automotive revenue, and operating margin guidance for Full Year; improving operating-related cash flow guidance * Excludes special items; Business Unit records are since at least 2000 when we began reporting specific Business Unit results Strong Second Quarter Financial Results. Reconfirming * BusinessCompany Unit records are Full since Yearat least 2000Pre-Tax when we beganProfit reporting Guidance specific Business Of Unit$7 results Billion To $8 Billion SLIDE 2 2014 SECOND QUARTER HIGHLIGHTS • Ford and Lincoln made strong improvements in the J.D. Power 2014 U.S. Initial Quality Study; F-150, Edge, and Lincoln MKX ranked highest in their segments for quality • Globally revealed all-new 2015 Edge and Focus ST, all-new Escort in China, Ford Everest Concept in China, S-MAX Vignale Concept in Europe, and Ford Lightweight Research Concept • Launched Lincoln brand in China, including reveal of MKX Concept • Began North America production of Transit from refurbished Kansas City plant, Lincoln MKC from Louisville, and increased Fiesta production in Cologne • Ford Otosan joint venture began vehicle production from a new plant in Turkey; Changan Ford Automobile joint venture opened new transmission plant in China; Ford opened new engine plant in Brazil • Reached agreement with German Works Council to improve flexibility and efficiency at our Cologne plant with production of next-generation Fiesta • Currently implementing a share repurchase program for almost $2 billion SLIDE 3 2014 SECOND QUARTER KEY FINANCIAL SUMMARY SLIDE 4 2014 SECOND QUARTER PRE-TAX RESULTS BY SECTOR* Millions $2,599 $2,170 Ford Credit $434 Other (5) $429 Company Automotive Financial Services Memo: B / (W) 2013 2Q $ 44 $ 66 $(22) B / (W) 2014 1Q 1,218 1,251 (33) * Excludes special items; see Appendix for detail and reconciliation to GAAP SLIDE 5 AUTOMOTIVE SECTOR 2014 SECOND QUARTER KEY METRICS COMPARED WITH 2013* Operating Pre-Tax Wholesales (000) Revenue (Bils.) Margin (Pct.)** Results (Mils.) 6.6% $2,104 $2,170 1,678 1,661 $36.0 $35.3 6.4% 2013 2014 2013 2014 2013 2014 2013 2014 Memo: First Half 3,175 3,250 $69.9 $69.2 5.8% 5.0% $3,747 $3,089 Second Quarter Global Industry SAAR (Mils.)*** 84.4 87.3 Global Market Share*** 7.7% 7.5% * Excludes special items; see Appendix for detail, reconciliation to GAAP, and definition of wholesales ** Automotive operating margin defined as Automotive pre-tax results, excluding special items and Other Automotive, divided by Automotive revenue *** Based, in part, on estimated vehicle registrations; includes medium and heavy trucks SLIDE 6 AUTOMOTIVE SECTOR 2014 SECOND QUARTER PRE-TAX RESULTS COMPARED WITH 2013* Millions $66 Market Factors Total Cost $2,170 $2,104 Industry $ 430 Share (571) Stocks (281) Structural Costs $(188) Mix / Other 195 All Other 18 Pricing $ 910 Incentives / Other (613) $297 $357 $(45) $(170) $(146) $(227) Material Excl. Commod. $ 483 Commodities 37 Warranty / Freight (163) 2013 2014 Volume / Net Contribution Other Exchange Net 2Q 2Q Mix Pricing Cost** Cost** Interest / Memo: Other B / (W) Than 2014 1Q $1,251 $962 $(6) $288 $(333) $365 $(25) * Excludes special items; see Appendix for detail and reconciliation to GAAP ** Cost changes are measured primarily at present-year exchange, and exclude special items and discontinued operations. In addition, costs that vary directly with volume, such as material, freight, and warranty costs, are measured at present-year volume and mix SLIDE 7 AUTOMOTIVE SECTOR 2014 SECOND QUARTER PRE-TAX RESULTS BY SEGMENT* Millions $2,440 $2,170 Net Interest Expense $(166) Fair Mkt. Value Adj. / Other (5) $159 $14 $23 $(171) $(295) Total North South Europe Middle East Asia Other America America & Africa Pacific Automotive Memo: B / (W) 2013 2Q $ 66 $119 $(446) $320 $ 10 $ 29 $34 B / (W) 2014 1Q 1,251 940 215 208 (31) (132) 51 * Excludes special items; see Appendix for detail and reconciliation to GAAP SLIDE 8 AUTOMOTIVE SECTOR -- NORTH AMERICA 2014 SECOND QUARTER KEY METRICS COMPARED WITH 2013 Operating Pre-Tax Wholesales (000) Revenue (Bils.) Margin (Pct.) Results (Mils.) 11.6% 802 $21.8 $2,440 760 $21.2 10.6% $2,321 2013 2014 2013 2014 2013 2014 2013 2014 Memo: First Half 1,537 1,477 $43.3 $41.6 10.9% 9.5% $4,713 $3,940 Second Quarter N.A. Industry SAAR (Mils.)* 18.9 20.2 N.A. Market Share* 16.0% 14.8% U.S. Industry SAAR (Mils.)* 15.7 16.9 U.S. Market Share* 16.5% 15.3% * Based, in part, on estimated vehicle registrations; includes medium and heavy trucks SLIDE 9 AUTOMOTIVE SECTOR -- NORTH AMERICA 2014 SECOND QUARTER PRE-TAX RESULTS COMPARED WITH 2013 Millions $119 $2,440 Material Excl. Commod. $ 288 $2,321 Commodities 32 Warranty / Freight (115) Industry $ 517 Structural Costs $(153) Share (597) All Other 48 Stocks (300) Mix / Other 272 Parts & Accessories $62 Other 53 $205 $115 $40 $(28) $(108) $(105) 2013 2014 Volume / Net Contribution Other Exchange Other 2Q 2Q Mix Pricing Cost* Cost* Memo: B / (W) Than 2014 1Q $940 $815 $15 $267 $(271) $(50) $164 * Cost changes are measured primarily at present-year exchange, and exclude special items and discontinued operations. In addition, costs that vary directly with volume, such as material, freight, and warranty costs, are measured at present-year volume and mix SLIDE 10 AUTOMOTIVE SECTOR -- SOUTH AMERICA 2014 SECOND QUARTER KEY METRICS COMPARED WITH 2013 Operating Pre-Tax Wholesales (000) Revenue (Bils.) Margin (Pct.) Results (Mils.) 147 $3.0 114 5.0% $151 $2.1 $(295) (14.0)% 2013 2014 2013 2014 2013 2014 2013 2014 Memo: First Half 260 218 $5.3 $4.0 (1.3)% (20.1)% $(67) $(805) Second Quarter S.A. Industry SAAR (Mils.)* 6.1 5.3 S.A. Market Share* 9.1% 8.8% Brazil Industry SAAR (Mils.)* 3.9 3.6 Brazil Market Share* 9.2% 9.1% * Based, in part, on estimated vehicle registrations; includes medium and heavy trucks SLIDE 11 AUTOMOTIVE SECTOR -- SOUTH AMERICA 2014 SECOND QUARTER PRE-TAX RESULTS COMPARED WITH 2013 Millions Pricing $369 $286 Incentives / Other (83) $151 $(37) $(82) $(102) $(190) $(295) $(321) Structural Costs $(94) All Other (8) $(446) Industry $(215) Share 3 Stocks (28) Mix / Other (81) 2013 2014 Volume / Net Contribution Other Exchange Other 2Q 2Q Mix Pricing Cost* Cost* Memo: B / (W) Than 2014 1Q $215 $9 $30 $(67) $(59) $380 $(78) * Cost changes are measured primarily at present-year exchange, and exclude special items and discontinued operations. In addition, costs that vary directly with volume, such as material, freight, and warranty costs, are measured at present-year volume and mix SLIDE 12 AUTOMOTIVE SECTOR -- EUROPE 2014 SECOND QUARTER KEY METRICS COMPARED WITH 2013 Operating Pre-Tax Wholesales (000)* Revenue (Bils.) Margin (Pct.) Results (Mils.) $8.0 0.2% $14 377 376 $7.3 (4.2)% $(306) 2013 2014 2013 2014 2013 2014 2013 2014 Memo: First Half 707 743 $13.9 $15.8 (5.2)% (1.1)% $(731) $(180) Second Quarter Europe Industry SAAR (Mils.)** 18.0 18.2 Europe Market Share** 7.5% 7.1% Europe 20 Industry SAAR (Mils.)** 13.7 14.4 Europe 20 Market Share** 8.1% 7.9% * Includes Ford brand vehicles sold by our unconsolidated affiliates in Turkey (totaling about 14,000 and 11,000 units in Second Quarter 2013 and 2014, respectively) and in Russia (totaling about 34,000 and 9,000 units in Second Quarter 2013 and 2014, respectively); revenue does not include these sales ** Based, in part, on estimated vehicle registrations; includes medium and heavy trucks SLIDE 13 AUTOMOTIVE SECTOR -- EUROPE 2014 SECOND QUARTER PRE-TAX RESULTS COMPARED WITH 2013 Millions Memo: (Included in cost columns) Material Excl. Commodities $194 $265 Commodities 89 Warranty / Freight (18) Industry $ 77 Share (60) $178 $320 Stocks 115 Mix / Other (131) $100 $101 $14 $1 $(23) Structural Costs $116 All Other (16) $(124) JV Profits / Royalties $(59) Parts & Accessories (41) $(306) Other (24) 2013 2014 Volume / Net Contrib. Other Exchange Other Restructuring 2Q 2Q Mix Pricing Cost* Cost* Cost Memo: B / (W) Than 2014 1Q $208 $90 $(65) $178 $107 $31 $(133) $66 * Cost changes are measured primarily at present-year exchange, and exclude special items and discontinued operations. In addition, costs that vary directly with volume, such as material, freight, and warranty costs, are measured at present-year volume and mix SLIDE 14 AUTOMOTIVE SECTOR -- MIDDLE EAST & AFRICA 2014 SECOND QUARTER KEY METRICS COMPARED WITH 2013 Operating Pre-Tax Wholesales (000) Revenue
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