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FCA.VS.GM.VS. Ford Q4 Auto Finances:Good,Bad,Disappointing& Ugly

AlexB

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For sake of comparison the In-House Captive Finance subsidiaries have been excluded (Ford Credit Q4 2018 $663 million Pre-tax and GM Financial $416 million):

FCA___
"Chrysler"/NAFTA/FCA U.S. LLC/North America: EBIT of €1,680 billion ($1,905 billion) on Revenue of €19,400 billion ($21,900 billion) with 8.7% EBIT Margin.

"Italian Operations"/EMEA: EBIT of €61 million ($69 million) on Revenue of €5.9 billion ($6,690 billion) with 1% percent EBIT Margin.

Latin America: EBIT of €101 million ($114.5 million) on Revenue of €2.2 billion ($2.49 billion) with 4.6% EBIT Margin.

Asia Pacific :EBIT Loss of -€112 million (Loss of -$127 million) on Revenue of €850 million ($963.5 million) with negative -13.2 EBIT Margin.

Maserati: EBIT of €48 million ($55 million) on Revenue of €710 million ($850 million) with margin of 6.8% EBIT.
FCA Q4 Auto EBIT Total:$2,016.5 billion

Ford_
North America:EBIT of $1,959 billion on Revenue of $25.8 billion with margin of 7.6% EBIT.
South America: EBIT loss of -$199 million on Revenue of $1.2 billion with negative EBIT margin of -16.4%.
Ford Of Europe: EBIT loss of -$199 million (nope not a repeat of the above) on Revenue of $7.4 billion with negative margin at -2.7%.
Ford Mobility (Autonomous):loss of -195 million
Middle East & Africa:EBIT loss of -$49 million on Revenue of $700 million with negative margin at -7.0%.
Asia Pacific With Ford China:EBIT loss of -$381 million on Revenue of $3.6 billion with negative margin at -10.7.
Asia Pacific WITHOUT China: EBIT of $153 million.....
Ford China: loss of -$534 million .......UGLY.
Ford Mobility Non-Cash write down of -$40 million .

Restructuring cost of -$40 million
-$262 million in White Collar Buyouts
Non-Cash Pension write down:-$877 million
Total Ford Q4 Auto EBIT excluding Non-Cash Pension write down: EBIT of $634 million.
https://s22.q4cdn.com/857684434/fil...-Earnings-MEDIA-no-script-NO-SECRET-(004).pdf




GM_
North America: EBIT of $3,041 billion on Revenue of $29.8 billion with 10.2% EBIT margin
GM International Operations (Brazil-Latin America,Middle East,Asia Including China JV's) : EBIT Loss of $48 million on Revenue of $5 biilion.
GM International Operations WITHOUT China JV : EBIT loss of -$400 which nearly all (according to GM Management) comes from Latin America business.
China JV: Income of $352 down from Q4 2017 of $568 million..(Trump is have toll on China's economy)
GM Cruise (Autonoumus) EBIT loss of -$194 million

Plant Closures/Program writedowns: Non-Cash charge of -$1,327 billion
Total GM Q4 2018 Auto EBIT excluding Non-charge related to Plant Closures/Program writedowns: EBIT of $2,799 billion
https://investor.gm.com/static-files/deff62b2-86c4-4462-9055-a03ca7c4a5eb


Ford is ugly despite F-Series, FCA was Good and only one (of the three) that made money outside of North America but disappointing to Wall Street especially guidence (hence the stock), and GM was good(North America)and bad (Latin America, profit drop in China).
Something that stuck out to me on the net income line was GM got $611 million tax refund in the U.S. (I.R.S), and only spent $185 million quarterly interest (some cheap money).[/url]
 
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@AlexB

Can you give full year numbers and comparison with some European car makers?
 
@AlexB

Can you give full year numbers and comparison with some European car makers?
Well I finally have time to do this, and the earnings (Europeans reported late vs Americans) have mostly now reported.

Renault
Revenue of €57.4 billion euros ($64.7 billion U$Dollars) , Full Year 2018 Revenue of €51,171 billion excluding capative in-house Finance subsidiaries and AvtoVaz( RUSSIA)

Shipments of 3.88 million vehicles (about 768,000 truly internationally Mexico-Latin America-Asia)

Auto Margins of 4.2% EBIT WITH AvtoVaz profit and restructuring cost.
Auto margins of 3.9% EBIT excluding AvtoVaz profit and including restructuring cost
Auto Margins of 4.3 EBIT excluding both AvtoVaz profit and restructuring cost .

Full Year Year Auto EBIT WITH AvtoVaz profit and restructuring cost of €2,102 billion.
Full Year Auto EBIT of €1,898 with restructuring and exluding AvtoVaz profit
Full Year Auto EBIT exluding AvtoVaz profit and restructuring cost of €2,204 billion.

So Renault (mostly a european business) automotive margins are high 3's-low 4's.
 
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Looking like Ghosn's worst decision ever (well second) was passing up on Chrysler last decade.The White House under former President Obama kept calling Ghosn to at the very least offer a pushback against (late & Great ) Sergio that would kept Chrysler alive.
 
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