Summary
Ford Motor Company's 8-K filing on October 24, 2013, announced preliminary third quarter 2013 financial results. The company will hold conference calls for the investment community and news media to discuss these results, with separate sessions for the overall company and Ford Motor Credit Company. Ford is providing non-GAAP financial measures, explaining their rationale for excluding "special items" and other adjustments, which they believe offer a clearer view of ongoing operational performance and management's perspective on earnings. These adjusted measures are intended to help investors understand results by excluding items related to capacity/cost structure adjustments and other factors not indicative of core earnings. The filing also highlights key cash metrics, including Automotive operating-related cash flow, Automotive gross cash, and net interest, emphasizing their perceived utility for investors in evaluating the company's operational cash generation capabilities. Ford explicitly states that these non-GAAP measures should be considered alongside their GAAP equivalents for a comprehensive understanding.
Key Highlights
- 1Ford announced preliminary third quarter 2013 financial results via an 8-K filing.
- 2Two conference calls were scheduled for October 24, 2013, to discuss Q3 2013 results: one for the overall company and a separate call for Ford Motor Credit Company.
- 3Ford is reporting financial results using non-GAAP measures that exclude "special items" and other adjustments.
- 4The company believes these adjusted measures provide a better understanding of ongoing operational performance and earnings from core activities.
- 5Key cash metrics, including Automotive operating-related cash flow and Automotive gross cash, are being highlighted.
- 6Ford explicitly states the utility of these non-GAAP measures for investors, while noting they should be considered with GAAP measures.