DEARBORN, Mich., Oct. 23, 2019 - Ford Motor Company said its third-quarter 2019 performance included progress in the North America, Europe and China automotive businesses and strong results from Ford Credit. At the same time, the company took further steps in Q3 to become even more fit and customer-centered amid expected long-term industry change. Company Key Metrics Summary THIRD QUARTER YEAR TO DATE 2018 2019 HI(L) 2018 2019 HI(L) 6.0 10.5) ppts Market Share (5) Wholesale Units (000) 6.3 % 1,353 1,244 (0.3) ppts (8) 65 % 4,508 GAAP Cash Flows From Op. Activities (58) Revenue (53) Net Income (58) Net Income Margin() EPS (Diluted) $ 4.7 370 $14.7 116.2 $ 5.2 37.6 1.0 2.6 % $ 0.25 GA $ (0.4) (2) $ (0.5) (15) ppts 510.14) $ 13.7 118.5 3.8 3.25 $ 0.95 1.1 $ 1.1 (2) 5 (2.1) 11.7) ppts $10.52) 1.1 $ 0.11 1.5 % $ 0.43 1.8 0.1 5.5 5.9 0.3 1.7 4.4% 0.4 ppts $ 0.05 Non-GAAP Company Adj, Free Cash Flow (58) $ 0.1 5 02 $ 0.1 $ 13 $ 2.3 $ 1.0 Company Adj, EBIT (58) Company Adj. EBIT Margin() 04 ppt 5.1 Adjusted EPS (Diluted) $ 0.29 $ 0.34 $ 100 $ 1.06 $0.06 Adjusted ROIC (Trailing Four Qus) 0.8 ppts Outlook Ford continues to expect lower full-year structural costs in its Automotive business, excluding pensions and other post-employment benefits, and sustained strength in Ford Credit. The company still anticipates full-year growth in adjusted free cash flow, its most important financial measure, driven by Automotive. 8.2 9.0 Outlook Ford continues to expect lower full-year structural costs in its Automotive business, excluding pensions and other post-employment benefits, and sustained strength in Ford Credit . The company still anticipates full-year growth in adjusted free cash flow, its most important financial measure, driven by Automotive. However, fourth-quarter headwinds - higher warranty costs, higher than planned incentives in North America, and lower volumes in China - have intensified since Ford last gave financial guidance for 2019. As a result, Ford is lowering its guidance for full-year company adjusted EBIT to between $6.5 billion and $7.0 billion, compared with $7.0 billion in 2018. Full-year adjusted EPS is now anticipated to be $1.20 to $1.32, versus $1.30 in 2018, with an adjusted effective tax rate of around 12 to 13 percent. Ford's guidance assumes no material change in the current economic environment, including commodities, foreign exchange and tariffs. Actual results could differ materially from guidance due to risks, uncertainties and other factors, including those detailed in the company's Cautionary Note on Forward Looking Statements, DEARBORN, Mich., Feb. 4, 2020 - Ford Motor Company today announced its fourth-quarter and full-year 2019 financial results, closing a year of strategic milestones in the company's ongoing, large-scale transformation. Company Key Metrics Summary FOURTH QUARTER FULL YEAR 2018 2019 H/(L) 2018 2019 HI(L) Market Share (%) Wholesale Units (000) 5.9 % 1,474 5.7 1,354 (0-2) ppts (8) % 6.3 % 5,982 6.0 % 5,386 (0.3) ppts (10) $ 2.6 GAAP Cash Flows From Op. Activities ($B) Revenue (SB) Net Income (SB) Net Income Margin() EPS (Diluted) (3) $ 1.4 41.8 (0.1) (0.3) $ (0.03) $ 2.9 39.7 (1.7) (4.2) % $(0.42) $ 1.5 (5) $ (1.6) (3.9) ppts $(0.39) $ 15.0 160.3 3.7 2.3 % $ 0.92 $17.6 155.9 0.0 0.0 % $ 0.01 $ (3.6) (2.3) ppts $10.91) $ 1,6 $ 0.5 $ 0.0 Non-GAAP Company Adj. Free Cash Flow ($B) Company Adj. EBIT (SB) Company Adj. EBIT Margin() Adjusted EPS (Diluted) Adjusted ROIC (Trailing Four Qtrs) 1.5 0.5 1.2 % 3.5 % $ 0.30 7.1 % $ (1.0) (1.0) (2.3) ppts $(0.18) 0.7 ppts $ 2.8 7.0 4.4 % $ 1.30 7.1 % $ 2.8 6.4 4.1 % $ 1.19 7.8 % (0.6) (0.3) ppts $10.11) 0.7 ppts $0.12 7.8 % $ 0.0 $ 0.5 0.5 Non-GAAP Company Adj. Free Cash Flow ($B) Company Adj. EBIT (SB) Company Adj. EBIT Margin() Adjusted EPS (Diluted) Adjusted ROIC (Trailing Four Qtrs) $ 2.8 7.0 $ 1.5 1.5 3.5 % $ 0.30 1.2 % $0.12 7.8 % $ (16) (1.0) (2.3) ppts $(0.18) 0.7 ppts $ 2.8 6.4 41 $ 1.19 7.8 % (0.6) (0.3) ppts $10.11) 0.7 ppts $ 1.30 7.15 7.1 % For full-year 2019, Ford's adjusted free cash flow was $2.8 billion, flat compared to 2018. Revenue was $155.9 billion, down 3 percent. Adjusted EBIT was $6.4 billion and adjusted EPS was $1.19. Ford Credit had an exceptional year, posting its best results in nine years, with $3 billion in earnings before taxes. "We made great strategic progress this past year with a fundamental redesign of Ford that is setting us up to compete and win in this emerging era of Smart Vehicles for a Smart World - with great products, services and long-term value," said Jim Hackett, Ford president and chief executive officer "Financially, the company's 2019 performance was short of our original expectations, mostly because our operational execution - which we usually do very well - wasn't nearly good enough. We recognize, take accountability for and have made changes because of this." Ford Motor Company submits an 8-K document to the SEC which includes Ford's outlook for certain metrics. In the data given, we see the document for the 3rd quarter 2019 date October 23. We were given Ford's outlook for the year ended December 31, 2019. The document that follows, dated February 23 was the actual metrics for the year ended December 31, 2019. Using this information, answer the following questions. 1. At October 23, 2019, Ford forecasted (budgeted) that its adjusted free cash flow for the year would grow over the prior year. Looking at the results dated February 23, did Ford meet that forecast? Is this a favorable or unfavorable variance? 2. At October 23, 2019, Ford forecasted (budgeted) that its adjusted EBIT (earnings before income tax) would be between $6.5 - $7.0 billion. Looking at the results dated February 23, did Ford meet that forecast? Is this a favorable or unfavorable variance? 3. At October 23, 2019, Ford forecasted (budgeted) that its adjusted EPS (earnings per share) would be $1.20 - $1.32 per share. Looking at the results dated February 23, did Ford meet that forecast? Is this a favorable or unfavorable variance? 3. At October 23, 2019, Ford forecasted (budgeted) that its adjusted EPS (earnings per share) would be $1.20 - $1.32 per share. Looking at the results dated February 23, did Ford meet that forecast? Is this a favorable or unfavorable variance? 4. What is Ford's President, Jim Hacket's reason regarding the budget variances