Benzinga - Ford Motor Co (NYSE: F) shares are moving higher Thursday after the company updated some financial targets and announced changes to its reporting structure ahead of its "teach-in" event.
What Happened: Ford will no longer report financials based on regional markets. Instead the automaker will report in three separate segments: Ford Blue (gas and hybrid vehicles), Ford Model e (EVs) and Ford Pro (commercial products and services).
"We've essentially ‘refounded' Ford, with business segments that provide new degrees of strategic clarity, insight and accountability to the Ford+ plan for growth and value," said John Lawler, CFO of Ford.
"It's not only about changing how we report financial results; we're transforming how we think, make decisions and run the company, and allocate capital for highest returns."
The Detroit-based automaker expects to lose approximately $3 billion on its EV business this year. Ford Blue is expected to generate about $7 billion in EBIT and Ford Pro is expected to come in around $6 billion.
Ford reaffirmed its full-year 2023 adjusted EBIT guidance of $9 billion to $11 billion. The company expects full-year adjusted free cash flow of $6 billion. Ford also reiterated that it continues to expect margins of 10% by late 2026.
The company plans to report its first-quarter results on May 2. Thursday's event is set to kick off at 10 a.m. ET. at the NYSE.
F Price Action: Ford shares were up 1.66% at $11.67 Thursday morning ahead of the event, according to Benzinga Pro.
Photo: courtesy of Ford.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.