Ford Sees $2.5 Billion Chip Shortage C - 股票

原文標題：

Ford Sees $2.5 Billion Chip Shortage Cost, Lowers Outlook
福特看到25億美元的芯片短缺成本，降低前景

原文連結：

https://finance.yahoo.com/news/ford-sees-2-5-billion-223021200.html

發布時間：

Thu, April 29, 2021, 6:30 AM

原文內容：

(Bloomberg) -- Ford Motor Co. reduced its full-year forecast due to a
debilitating computer-chip shortage that has crimped vehicle production, a
crisis the automaker now sees extending into next year.

A global shortfall of critically needed semiconductors has forced the entire
automotive industry to cut output, leaving thin inventories on dealer lots
just as consumers emerge from Covid-19 lockdowns. Ford expects a $2.5 billion
hit to earnings due to scarce chip supplies, which it previously
characterized as a worst case scenario.

“There are more whitewater moments ahead for us that we have to navigate,”
Chief Executive Officer Jim Farley said Wednesday on a conference call. “
The semiconductor shortage and the impact to production will get worse before
it gets better.”

Ford now expects to lose about 50% of its planned second-quarter production,
up from 17% in the first quarter. And Farley said the problem could stretch
into 2022.

All told, the chip shortage will likely reduce production by 1.1 million
vehicles this year, John Lawler, the company’s chief financial officer, said
on a call with reporters. That marks a significant deterioration from a
previous forecast for lost output of 200,000 to 400,000 vehicles.

The lost sales from lower production will weigh heavily on full-year
earnings. Ford now projects $5.5 billion and $6.5 billion in adjusted
earnings before interest and taxes for the year. The company previously said
chip losses in 2021 could be as little as $1 billion, which would result in
earnings of $7 billion to $8 billion.

Shares of the company fell as much as 4.3% in aftermarket trading. They
closed regular trading down 0.5% to $12.43. The stock has gained about 41% so
far this year.

Widespread Impact

The impact on production has been widespread. A Ford factory in Kansas City
that builds its top-selling F-150 truck and Transit van is in the midst of a
month-long shutdown. The company’s factory in Chicago that builds the
Explorer SUV has been shut since early April and isn’t set to resume
production until the middle of next month.

Even Ford’s highly profitable pickup factory in Dearborn, Michigan, had to
close for two weeks this month. The result is scarce stocks of vehicles on
dealers’ lots, leaving confident consumers wanting.

“The second quarter will be the worst financial impact from the
semiconductor shortage,” said David Whiston, an analyst with Morningstar. “
In the first quarter they were able to put some Band-Aids on certain things
and still make the vehicles, whereas in Q2 you really start to run out of
options. You’re seeing a lot more plant closing announcements across the
industry over the past few weeks.”

Adjusted free cash flow for the full year is forecast to be $500 million to
$1.5 billion, below the earlier projection for $3.5 billion to $4.5 billion.

The automaker made the most of a sellers’ market in the first three months,
reporting earnings before interest and taxes of $4.8 billion -- more than the
$1.8 billion analysts predicted. Demand for the redesigned F-150 pickup and
the new Bronco Sport SUV, led to adjusted earnings of 89 cents a share,
compared with the 20-cent average of analysts’ estimates.

That resulted in “the most favorable supply/demand imbalance in a generation
” and higher sticker prices, Adam Jonas, an analyst with Morgan Stanley,
wrote in a note to investors last week.

Revenue amounted to $36.2 billion in the quarter, above the $31.25 billion
analysts expected.

Dwindling inventory

But as the chip shortage drags on and inventories dwindle, Ford is unlikely
to fully capitalize on demand for its vehicles. CFO Lawler said the automaker
had 44 days worth of supply of vehicles at the end of the quarter, well below
the normal 60-day industry standard that is considered healthy.

North American operations continued to drive Ford’s results, with earnings
of $2.95 billion before interest and taxes, up from $346 million a year
earlier when the pandemic hit and profits plunged.

The company has struggled to turn around its overseas business. As evidence
of progress, Farley said the company earned $454 million outside of North
America in the first quarter, compared with a cumulative $5.8 billion loss in
those markets over the past four years.

In Europe, Ford reported profit of $341 million before interest and taxes,
compared with a loss of $143 million loss a year ago. Ford posted a $15
million loss before interest and taxes in China, an improvement from last year
’s $241 million loss. It saw sales soar 73% in the world’s largest vehicle
market on strong demand for SUVs.In South America, where Ford this year is
ceasing production in Brazil after a century of carmaking, the company lost
$73 million compared with a $113 million loss in the first three months of
2020.

(Updates with CEO comments in third paragraph. Adds details throughout.)

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c 2021 Bloomberg L.P.


機翻如下：
(Bloomberg) -- 福特汽車公司降低了其全年預測，原因是電腦晶片的短缺削弱了汽車生
產，該汽車製造商現在認為這一危機將延續到明年。

全球急需的半導體短缺迫使整個汽車行業削減產量，在消費者剛剛從Covid-19封鎖中走出
來的時候，經銷商的庫存就很稀少。福特公司預計，由於晶片供應稀缺，其收益將受到25
億美元的打擊，該公司此前將這一情況描述為最壞情況。

"首席執行官吉姆-法利（Jim Farley）週三在電話會議上說："對我們來說，前面還有更
多的湍流，我們必須要駕馭。"半導體短缺和對生產的影響將在好轉之前變得更糟。"

福特公司現在預計其第二季度的生產計畫將損失約50%，比第一季度的17%高。法利說，這
個問題可能延伸到2022年。

該公司首席財務官約翰-勞勒（John Lawler）在與記者的通話中說，總的來說，晶片短缺
可能會使今年的產量減少110萬輛。這標誌著與之前預測的20萬至40萬輛的產量損失相比
，情況明顯惡化。

產量下降帶來的銷售損失將嚴重影響全年的收益。福特現在預計今年調整後的利息和稅前
利潤為55億美元和65億美元。該公司此前表示，2021年的晶片損失可能低至10億美元，這
將導致70億至80億美元的收益。

該公司股價在售後交易中跌幅高達4.3%。他們在常規交易中收盤時下跌0.5%至12.43美元
。今年迄今為止，該股已經上漲了約41%。

廣泛的影響

對生產的影響是廣泛的。位於坎薩斯城的福特工廠生產其最暢銷的F-150卡車和Transit麵
包車，目前正處於為期一個月的停工狀態。該公司位於芝加哥的製造探險家SUV的工廠自4
月初以來一直關閉，直到下個月中旬才會恢復生產。

甚至福特在密西根州迪爾伯恩的高利潤皮卡工廠，本月也不得不關閉兩周。其結果是經銷
商的汽車庫存稀少，讓自信的消費者望而卻步。

"第二季度將是半導體短缺帶來的最嚴重的財務影響，"晨星公司的分析師大衛-惠斯頓說
。"在第一季度，他們能夠在某些事情上貼一些創可貼，仍然可以生產汽車，而在第二季
度，你真的開始沒有選擇了。在過去的幾周裡，你會看到整個行業有更多的工廠關閉公告
。"

預計全年調整後的自由現金流為5億至15億美元，低於先前預測的35億至45億美元。

該汽車製造商在前三個月充分利用了賣方市場，報告了48億美元的息稅前利潤--超過了分
析師預測的18億美元。對重新設計的F-150皮卡和新的Bronco Sport SUV的需求，導致調
整後的每股收益為89美分，而分析師的平均預期為20美分。

摩根士丹利的分析師亞當-約拿斯（Adam Jonas）在上周給投資者的一份說明中寫道，這
導致了 "一代人中最有利的供需不平衡 "和更高的售價。

該季度的收入達到362億美元，高於分析師預期的312.5億美元。

不斷減少的庫存

但隨著晶片短缺的拖累和庫存的減少，福特不太可能完全利用其汽車的需求。首席財務官
勞勒說，本季度末，汽車製造商的汽車供應量為44天，遠遠低於被認為是健康的60天的正
常工業標準。

北美業務繼續推動福特公司的業績，利息和稅前利潤為29.5億美元，高於一年前的3.46億
美元，當時大流行病襲擊，利潤驟降。

該公司一直在努力扭轉其海外業務的局面。作為進步的證據，法利說該公司第一季度在北
美以外的市場賺了4.54億美元，而過去四年在這些市場累計虧損58億美元。

在歐洲，福特公司報告的利息和稅前利潤為3.41億美元，而一年前的虧損為1.43億美元。
福特在中國公佈的利息和稅前虧損為1500萬美元，比去年的2.41億美元虧損有所改善。在
這個世界上最大的汽車市場，由於對SUV的強勁需求，該公司的銷售額飆升了73%。在南美
，福特公司在經歷了一個世紀的汽車生產後，今年將停止在巴西的生產，該公司虧損7300
萬美元，而2020年前三個月的虧損為1.13億美元。

更新了第三段中CEO的評論，並在全文中添加了細節）。

欲瞭解更多類似的文章，請訪問我們的Bloomberg.com。



心得/評論：

所有的缺晶片消息面都很一致

但是台積電的獲利卻很不一致(三率三降)

油車轉電車只會更加倍增晶片需求而已

這大概也是連二哥也在擴產的底氣


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