Ford CFO John Lawler reiterated that the company has ample resources to simultaneously fund disciplined investment in growth and return capital to shareholders – for the latter, targeting 40% to 50% of adjusted free cash flow. On July 13, Ford’s board of directors declared the latest regular dividend of 15 cents per share, payable Sept. 1 to shareholders of record at the close of business on July 25.

Hedged Outlook
Ford is lifting its guidance range for full-year 2023 consolidated adjusted EBIT to between$11 billion and $12 billion. The company is also raising its expectations for the full year adjusted free cash flow to between $6.5 billion and $7 billion, with capital expenditures of between $8 billion and $9 billion.

This guidance presumes:
• Headwinds including global economic uncertainty and inflationary pressures, higher industrywide customer incentives and continued EV pricing pressure, increased warranty costs, lower past service pension income, exchange rates and costs associated with union contract negotiations, along with
• Tailwinds comprises an improved supply chain, higher industry volumes, upside from the all-new Super Duty and lower commodity costs.

For its business units, Ford now expects full-year EBIT:
• Approaching $8 billion for Ford Pro, more than double in 2022, from significant year-over-year improvement in pricing and volume.
• Of about $8 billion from Ford Blue, with higher volumes and stronger mix more than offsetting any potential pricing headwinds.,
• To be a loss of about $4.5 billion for Ford Model e, reflecting the pricing environment, disciplined investments in new products and capacity, and other costs.
• Full-year EBT for Ford Credit is anticipated to be about $1.3 billion.