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Ford Motor Company (F)

February 01, 2012 10:00 am ET

Executives

Erich Merkle -

Ken Czubay - Vice President of US Marketing Sales & Service

Jenny Lin -

Analysts

John Murphy - BofA Merrill Lynch, Research Division

Brian Arthur Johnson - Barclays Capital, Research Division

Himanshu Patel - JP Morgan Chase & Co, Research Division

Rod Lache - Deutsche Bank AG, Research Division

Adam Jonas - Morgan Stanley, Research Division

Christopher J. Ceraso - Crédit Suisse AG, Research Division

Operator

Good day, ladies and gentlemen, and welcome to the Ford Monthly Sales Conference Call. My name is Tahisha, and I will be your operator for today. [Operator Instructions] As a reminder, this conference is being recorded for replay purposes. I would now like to turn your conference over for your host for today, Mr. Erich Merkle, U.S. Sales Analyst. Please proceed.

Erich Merkle

Thank you, Tahisha, and good morning to everybody, and welcome to Ford's January 2012 Sales Call. It's a pleasure to have you on the line. We’ll get things started right off with how did sales perform here for the month of January.

We estimate that total U.S. sales, including medium and heavy trucks, finished the month at approximately 890,000 to 895,000 vehicles. This would equate to an approximate 7% increase for the industry over year-ago levels and a SAAR that we estimate is going to run in the mid- to high 13 million vehicle range. We are very -- overall, we're very pleased with January's industry performance as it really carries through with what we saw in the fourth quarter of last year.

January sales at Ford were up 7% compared to January a year ago. This resulted in a total sales number for the month of 136,710 vehicles. Last month, we saw a shift in the industry to smaller passenger cars and smaller utilities. Small cars, its sales increased as a percent of total sales from just under 19% in December to almost 23% of the market in January. While some of this, we feel, can be attributed to the seasonal rotation into pickups in December, we feel that the long-term secular trend in Americans moving toward smaller vehicles continues to remain intact.

The full-size pickup truck segment expanded to approximately 13.5% of the vehicle mix in December, levels that would really be more consistent with a mid-decade housing boom. As many might have thought or would anticipate, the full-size pickup truck segment did pull back in January to an estimated low to mid-11% range in terms of share of the industry. However, what's interesting with the full-sized pickup truck segment is that January's share of segment, while it is lower than December, was still consistent with annual industry segment share during the full year of 2011. So we think that while we had a great December, we think that the numbers for January speak very positively to the pickup truck segment going forward.

We not only saw this rotation in the industry, but in Ford's vehicle mix as well. Ken is here today to provide us with some additional color commentary on the movement that we saw on small cars to utilities in January. Ken?

Ken Czubay

Thanks, Erich, and hello, everybody. What we saw in January was really proof positive of the benefits of a balanced product portfolio like what we have at Ford. Focus recorded 14,400 sales in January, representing a 60% increase compared to January of last year. In fact, Focus sales last month provided the best January sales results since 2003.

January Focus sales contributed to 30% of Ford's sales gains for the month, more than any other vehicle in our lineup. It was really strong. Additionally, we saw Focus continue to perform very well in California, and I talked about this for the last several months, posting an 86% retail sales increase in January versus last January. As we stated last month, the Golden State produced a strong 55% gain in retail sales in the fourth quarter of last year. So California is really on a roll, and our small car and small vehicle lineup is really producing a boost for all of our dealers and the customers there. As many of you know, L.A. and California have been gaining Focus sales momentum since the introduction of the '12 model about a year ago. So it's been very strong for us.

Turning to Escape. Escape continued seeing strong momentum as well with January sales up 24%. Ford sold 17,259 Escape small utilities last month, making it our best January sales month for Escape ever. Combined, Focus and Escape were responsible for a little under half of Ford's sales growth in January. Explorer sales also continued to grow. So you see a pattern there with Escape and Explorer. January sales totaled 9,966 vehicles, providing a 36% increase over year-ago volumes, which were up strong. If you remember, Explorer’s just been a roll. Explorer was up 73% in January of '11 versus January of '10, so we've had 2 very strong Januaries on Explorer sales. This makes it Explorer's best January sales month since 2006.

So let's talk for a moment about pickups, like Erich talked about in the beginning. Industry pickup sales in December were at some of the highest levels that we have seen since the housing boom. But at Ford, January F-Series sales totaled 38,493 vehicles, representing an increase of 8% compared to year-ago levels. While we did see rotation to small cars and utilities in January, F-Series still had the best January performance since 2008. So we're going back 4 years. It was a darn good month for the pickup sales. It should also be noted that there was little full-size pickup merchandising activity in January. That's kind of traditional following a very active fourth quarter 2011. If you remember, we sold just a little under 70,000, a culmination of all the activity in the fourth quarter really getting spooled up in December. Our plans for February and March include resuming merchandising activities on full-sized pickups. So we expect to see an increase there.

EcoBoost, and I talk about this every month because it's just unbelievable in the marketplace, continues to deliver. And it had 42% of the F-150 retail sales in January. And pickups on last year were also up substantially, as I said, on 6 cylinders. They're our best-selling powertrain. The EcoBoost is the best-selling powertrain on F-150. Consumers are really realizing that in the market.

Finally, Lincoln saw a small increase in retail sales in January versus a year ago. We saw sales increases in our key new vehicles, the MKZ, the MKX and the MKS. Sales of the MKZ posted a 6% increase, while MKX and MKS were up 7% and 23%, respectively.

In summary, we are very encouraged about January performance, and in particular, our ability to shift with the changes in consumers' needs. We did that in January versus December and continued to roll with Focus, Explorer and Escape.

I'd now like to turn over to Jenny with our latest update on the U.S. economy. Jenny?

Jenny Lin

Thank you, Ken. Good morning, everybody. Since our last call, the economic indicators are showing further signs of improvement. Unemployment insurance claims are now at 377,500 last week, which signaled an improvement pace -- improved pace of job gains is likely to continue in the months ahead. As you know, in December, the economy created 200,000 jobs and this Friday's January employment data will be released by the government. Today's ADP Employment Report is also very encouraging.

January consumer sentiment came in 5 points higher than December, at now 75 points, largely due to improved job prospects by the consumers. Further gains in confidence and consumer spending growth will depend critically on sustained job gains. The interest rate environment will remain supportive of vehicle and housing purchases with the Federal Reserve expected to keep rates low at least through late 2014. In addition, the U.S. gasoline prices have been stable around $3.30 per gallon to $3.40 per gallon range since October of last year. The stability of pump prices and overall declines in energy prices have had a moderating effect to the consumer price levels.

Last but not least, there are 2 forward-looking indicators that we are watching for such as capital goods orders, which were up 3.5% over a year ago in December. This suggested industrial output should continue to expand over next few months. In addition, this morning's January's reading for the Manufacturing Purchasing Managers Index was up 1 point from 53.1% in December to now 54.1%. And some of the sub-indices are very encouraging, including new orders, production and employment. All of them are showing growth. This, combined with a forward-looking indicator that I just mentioned, suggest that the positive momentum should continue in the first quarter. We expect overall U.S. economic growth to be in the 2% to 3% range. The economic indicators so far are consistent with that expectation.

To recap, as Ken and Erich pointed out earlier, the U.S. new vehicle industry sales in January were estimated in the mid- to high 13 million unit range at the Seasonally Adjusted Annual Rate, this includes medium and heavy trucks. We are comfortable at the present time that the full year industry sales to be in the range of 13.5 million to 14.5 million unit range as was shared in our last sales call. With this summary, let me turn it back to Erich. Erich?

Erich Merkle

Thank you, Jenny. Just a few housekeeping items. First off, I wanted to talk a little bit about our fleet mix. And if we look at the month of January, our Ford's total fleet was 29% of total sales. When you look at it, the large majority of the fleet came from commercial and government. Commercial represented 17%, government represented 4% and daily rental comprised of 8% in the month of January. As far as when we look at inventories, for January of 2012, cars totaled 171,000, trucks totaled 184,000, utilities were 137,000, giving us a total inventory of volume for the month of 492,000 vehicles.

With that, I would like to turn the call over to Tahisha. And Tahisha, let's open it up for the folks in the analyst community, please.

Question-and-Answer Session

Operator

[Operator Instructions] And your first question comes from the line of John Murphy from Bank of America Merrill Lynch.

John Murphy - BofA Merrill Lynch, Research Division

First question. I was just curious if you had done any measurements on the stepdown in bonus depreciations, impact on pickup sales. Because it doesn't seem like pickup sales cratered from December to January, it seems like they kind of more normalized to where they were last year as a percent of mix. Just curious if you had done any measurements on that.

Ken Czubay

John, we have some anecdotal evidence, and frankly, it's mix. I would attribute -- it seems like we have a -- the government has a program, often in December. I really would say that it was not a significant impact and it was more related to the merchandising activity, which builds in the fourth quarter, builds to a high rate in December. And then we -- the industry pulls off in January. There will be solid merchandising activity in February and March.

John Murphy - BofA Merrill Lynch, Research Division

Okay. And then just a second question on the Escape and the Explorer, very strong as the Edge is weak. There was sort of a pattern that occurred last year. Is this just a function of thinking about the newer products maybe cannibalizing the older products for a period until the Edge were to be reintroduced? I'm just curious what's going on there because it appears there's some cannibalization of the Edge going on with the Escape and the Explorer.

Ken Czubay

Well, John, we're very pleased with we have the full offering of small vehicles and the CUVs. But in fact, Escape -- excuse me, Edge retail sales were up 11%. So the consumers are still driven to the Edge as well as Escape and the alternatives on our showroom.

John Murphy - BofA Merrill Lynch, Research Division

And then just lastly, out of curiosity but also from a marketing strategy, you guys are sitting out the Super Bowl for advertising. Obviously, we're going to miss your creativity there. Just curious what the strategy is for that? Or why you're doing that?

Ken Czubay

Well, we carefully plan our marketing activities. Some of our competitors have chosen to be in that very expensive arena. And we continue to work our plan around our products. And we've got future products coming, as you mentioned earlier with the exciting launches of the Escape and then the Fusion during the course of the year. So we're pleased with our merchandising plan.

Operator

Your next question comes from the line of Brian Johnson from Barclays Capital.

Brian Arthur Johnson - Barclays Capital, Research Division

Just want to talk a bit more then about the model cadence and how you're thinking about the rollover from old Escape to new Escape, what month we can expect to see that in, and then your kind of volume versus mix tradeoff. And second question is given, I believe, Twin Cities is closed, how many more months can we get of kind of Ranger do you have on dealer lots? And is your goal to kind of move them out quickly or to spread them out for into the spring?

Ken Czubay

Well, let me answer your first question with regard to Escape. Our launch plan is on schedule, and we're very excited that we'll be in the second quarter. The product will be arriving in the second quarter in our showrooms. We keep a careful eye on what I call the glide path to old model to new model. It is right on path. I mean, even though the Escape for the last 4, 5, 6 months has been -- the current model has been incredibly well received in the marketplace, but we are virtually precisely on plan for balance out and launch of Escape. Relative to the Ranger, it's doing a good job in the marketplace. I would anticipate we would have, say, 3 more months of solid Ranger sales.

Operator

Your next question comes from the line of Himanshu Patel from JPMorgan.

Himanshu Patel - JP Morgan Chase & Co, Research Division

I just had a few questions. And I'm sorry if you touched on some of this earlier. The weakness in the Fiesta volumes, what was the driver behind that? Can you talk a little bit to what happened in the industry and Ford incentives sequentially January, December? And then also any sort of commentary on the cadence of sales over the course of the month?

Erich Merkle

Sure. Himanshu, the Fiesta, as you know, as you can see from the report, it was down 18% while Focus was up 60%. There is always going to be cross-shopping on any dealer lot. It's no different with Ford as it is for any other full-line automaker. So you got 2 vehicles really that are very close together in terms of size, in terms of their price point. And at this point in time, the Focus is the newer vehicle. And people seem to be gravitating very nicely towards that product. I think it's also important when you start taking a look at our small car strategy and the small car segment. Right now, we're running about 10% of the segment in small cars with Focus and Fiesta. And that is the highest levels that we've been at since 2003 actually. So the 2 are, they're coexisting very nicely on the dealer lot. And even when you look at the industry, if you go look at the industry and look at C- and B-segment vehicles and look at the mix, you'll find that our mix is pretty close to what the industry is. In relation to your question about incentives, Ford's incentive spending relative to a month ago, the previous month, we were down relative to December. Year-over-year, we were also down. So January's incentive spend compared to January year ago was also down, which was pretty much in line with the industry. So when you look at the industry, the industry was also down year-over-year, and it was down compared relative to December on a sequential basis.

Ken Czubay

And what we found -- this is Ken. What we found relative to the pace of sales is I would say in the beginning of the month, they were reasonably strong, surprisingly strong. After a very strong close to the year, softened a little bit in the middle, and then we had a very good last weekend. Our dealers reported a very good last weekend. So it was a little odd, but nevertheless, closed with a good last weekend.

Operator

Your next question comes from the line of Rob Lache from Deutsche Bank.

Rod Lache - Deutsche Bank AG, Research Division

Was hoping you could just pass along what PIN is showing for average transaction price trends for Ford and for the industry. And also kind of related to the incentive question, when do you start to sell down the current version of the Escape and later on in the year, the current version of the Fusion? Just any color on that pattern.

Ken Czubay

Well, Rod, I mentioned relative to the selldown that we've been in that, I'll call it glide path. And it's right on target. If you view it as the airplane landing, it's going to be right in the sweet spot of the runway on Escape. So we're in that mode. Relative to transaction prices, of course, in January, there's a lot of ins and outs between the segmentation of pickup trucks and small cars. But over last year, the transaction price is up at Ford and it's up at the industry. And like I said, some of that is related -- the differences in the dollars are related to segmentation. So they're both up.

Rod Lache - Deutsche Bank AG, Research Division

Okay. Then just lastly, you have quite a bit of additional capacity coming on stream for the Fusion. That product has already been a fairly high-volume passenger car for Ford. Is the capacity that you're bringing on more sort of corresponding with what you're thinking about in terms of growth in the market, growth in the segment or growth in the share within the segment?

Ken Czubay

Well, I would say it's 2 things. Number one, we're really excited about the new Fusion, of course. And more importantly, consumer reaction at the North American International Auto Show, all the buff books, I mean, people have been really riveted on that vehicle and its opportunity. So we've got some traditional competitors in the marketplace and we're very excited about what the future portends for that. We'll see how the volumes go. The other aspect is, of course, some of the capacity will be linked to hybrid powertrain. So we're excited about all the opportunities the new Fusion gives us.

Operator

Your next question comes from the line of Adam Jonas from Morgan Stanley.

Adam Jonas - Morgan Stanley, Research Division

Couple questions. Back to the potential dropoff following bonus depreciation, were some of your commercial customers able to put in an order towards the end of the year and then we might be seeing some of the strength in pickup trucks related to the delivery of prior orders and that we might see kind of the shelf fall off in the subsequent months? Just wanted to know if that was something possible or something you were witnessing? And the second question is on the weather. Has warm weather, unseasonably warm weather this time of year been good or bad for sales according to your dealers?

Ken Czubay

Well, first off, on the tax implications, I’m not a -- can't give you tax advice on ordering versus delivery. But I think I commented on that, that the anecdotal reports from our dealers were, there was some activity but not an inordinate amount of activity. Relative to the commercial business, I mean, I want to point out that over a year ago, our commercial activity, not rental or government, our commercial activity was up very strongly. It was up 56%. So the commercial buyers are really turning to Ford. We're very pleased with that. And then your final question was on the weather. And in the Midwest, I'm enjoying this incredible weather we're receiving, but dealers are mixed on that. Some reports, older cars that may not start when it's really, really cold, they start when the weather is mild. And so dealers, everybody has a different opinion on good weather.

Erich Merkle

Tahisha, if we could now, we'd like to turn over the call now to the folks in the media. So if we could take that first call from media folks, it’d be much appreciated.

Operator

Your first question comes from the line of Dee-Ann Durbin from Associated Press.

Dee-Ann Durbin

I see Taurus up, and it made me wonder if people are generally pushing upward in the car market because gas prices have moderated. Or is there some other reason for that jump, maybe fleet sales of Taurus?

Ken Czubay

I don't -- when we look at the data from this morning, we're so pleased with our offerings with the small vehicles including the Escape. And then you say, as you pointed out, the Taurus sales were up. I mean, we have sequentially been increasing Taurus sales. And I think it's just viewed as a very, very solid competitor in the marketplace. It has the EcoBoost technology with the SHO derivative. And people -- there are many people who are looking for that 4-door with all-wheel drive with the incredible benefits of EcoBoost. So we're very pleased with that offering in the marketplace, and we have a refreshing coming out shortly also.

Dee-Ann Durbin

As you see that sequential increase, though, has it sort of tracked along with gas, that if people feel more comfortable with gas, they start to bump up into -- maybe they would've gotten a Fusion last time, but now they go to a Taurus or really there's not -- maybe there's not that...

Ken Czubay

Yes, I don't think it's significant that when they see the benefit of the EcoBoost powertrain and all that it offers in Taurus, it becomes related to stabilization in gas prices, which we anticipate continuing.

Operator

And your next question comes from the line of Ben Klayman from Reuters.

Ben Klayman

It looks like you guys are going to show a market share decline. So I just wanted to see where you guys are going to be coming in. And do you even care about that? Or is it more a focus on profits?

Ken Czubay

Well, we're going to -- I believe, number one, all the numbers aren't in. So I can't really speculate on share. But we believe we'll have a market share increase over last year. I mean the key thing is us running our business. I mean we're pleased with the broad array of products that we have. We're pleased that we can respond to rapid -- to the change in segmentation that we saw this month. And we're on our plan.

Operator

Your next caller comes from the line of Mike Ramsey, Wall Street Journal.

Mike Ramsey

I got an email from a local Ford dealer that I had talked to when I was shopping for a car. And it said, "Come back in. We now have added $500 more to the Ford Focus rebate for a total of $2,000 this month." So my question is, is the very large increase in Focus sales attributed to this added $500 incentive? And how long are you going to keep it on to get inventories down to where you need them to be?

Ken Czubay

Well, one of the aspects of how we run our business is really being nimble. And I don't know -- we regionalize incentives. We'll be responsive to the competition, and incentives are part of our business plan. So we are on our plan. We're comfortable with our incentive level. And certainly, we're very pleased with the volume of Focus sales last month.

Mike Ramsey

Do you think you'll need to keep the incentive on to get your inventories in line where you want them to be?

Ken Czubay

Well, we're always -- we will always be competitive in the marketplace with incentives, and we take a long-term, as quarterly and beyond, view of the marketplace incentives relative to seasonal impacts in the marketplace. So we're on our plan.

Mike Ramsey

Okay. And just one quick question. In terms of -- the Escape has just done ridiculously well right in through the end of its life. And the new one coming out is a really wide departure in terms of styling and looks. Do you have any -- is there anywhere in your mind -- are you a little bit worried that the people who really like this Escape may not be looking at the exact same vehicle when it comes on the lot, you’re really changing the styling dramatically?

Ken Czubay

No, not at all. I mean, all of the reaction from the Detroit Auto Show, the star of the show was the Fusion. But it was only 40 days before that at the star of the L.A. Auto Show was the Escape. I mean, people were blown away. When we had the concept vehicle a short while ago, people said, "Well, you can never bring that to market." Well, guess what? Bang. There it was in L.A. and it was the second star of the show. And at the end of the day, today's consumers are looking for styling. Throughout every segment, you will see that the winners have keen styling and consumers are telling us that Escape matches their expectations for a significant leap in styling and functionality. So you got the improvements in the fuel economy and in the design, very important in today's market.

Operator

Your next question comes from the line of Keith Naughton from Bloomberg.

Keith Naughton

I had a quick question for Jenny and then a follow-up on a product question. And with Jenny, I was wondering, you said the economic indicators are looking positive. Is the economy heating up faster than expected? How would you gauge the pace of improvement?

Jenny Lin

Keith, thanks for the question. And I think what I'm seeing here is that it is heating about what we expected, and modest improvements but steadily improved. So that's my take on the current situation. So all the indicators are in line with our expectation at the moment.

Keith Naughton

Okay, great. And then on the Fusion which, Ken, as you said, was the star of the show, and Edmunds said the week after you showed the new one, online traffic for the Fusion increased 50%. And yet sales of the car fell. And I'm just wondering what happened and if you think consumers might be holding off on buying the current one because they want to get the new one that they're so excited about.

Ken Czubay

Well, as I talked about, similarly to Escape, we're in our sell-down pattern. And we were right on plan relative to Fusion sales and our inventories for the rest of the year. Erich pointed out there's incredible cross-shopping and cross-buying on the Ford showroom now. I mean, we're just so fortunate to have the lineup we have. As a matter of fact, the #1 cross-shop between the 2 vehicles on our floor is the Escape and the Fusion. So people are coming in and making their choice. And with Escape, the sales pace is up significantly. And with Fusion, we're on plan.

Erich Merkle

And Keith, I think it's important to also know that when you look at Fusion down 5%, that is actually comparing to a record number in January of 2011. So that is the second-best January in Fusion history so -- for January 2012. So we're actually pretty pleased with everything we've had going on, especially with the performance of the Focus, and as Dee-Ann mentioned earlier, the performance of the Taurus, that the Fusion is performing really well.

Keith Naughton

And you didn't – and neither of you expected the buzz generated around the Fusion brand during the show would actually result in a sales increase?

Ken Czubay

No, not at all. We're very pleased with the interest on the chat rooms and on the blogs and on the order inquiries on all of our digital properties, very pleased. But we're fine with the Fusion plan.

Operator

Your next question comes from the line of Alisa Priddle from Detroit Free Press.

Alisa Priddle

I just want to just to clarify. So on the Focus, are the incentives on new and old vehicles? Or what is your mix of the 2 right now?

Ken Czubay

Well, we're only selling the '12 model. We have no old models out there.

Alisa Priddle

Okay. That's what I thought, just the way you’d nswered earlier made it sound like you were trying to sell some down. And so I thought I've missed something there.

Ken Czubay

No.

Alisa Priddle

Okay. And when you refer to that you want to pick up merchandising actions, can you give us a little more detail on what exactly that means or what form it might take?

Ken Czubay

Well, it’ll take the form of truck month in many parts of the country that we're very excited about. We traditionally have truck month merchandising activities going on in February and March.

Alisa Priddle

Okay. So not anything big planned on the car side?

Ken Czubay

Well, we'll have our traditional merchandising continue in February and March, and then we head into the spring selling season. So we also, of course, in February, will capture the excitement of Presidents' Day weekend in many parts of the country.

Operator

Your next question comes from the line of Brad Wernle from Automotive News.

Bradford Wernle

Just a quick question, following up on the Fusion. Can you give some more indication of when you expect the 2013 to arrive in dealerships?

Ken Czubay

Well, we sure can. It'll be in the early part of Q4. It'll be in October.

Bradford Wernle

And how long will the new order bank remain open for the existing, the 2012?

Ken Czubay

We don't have a set date on that.

Operator

And this call is actually going to come from an analyst. We have no more media in queue. And your last question comes from the line of Chris Ceraso from Credit Suisse.

Christopher J. Ceraso - Crédit Suisse AG, Research Division

I had a question about the inventory situation on the Focus and the Fiesta, where it looks like in the last couple of months, stock levels have jumped up. If I look at days’ supply, let's say, on a 3-month selling-rate basis, you were up around 100 days on both of those vehicles. I think you've seen market share maybe slow down a bit as the competitors have come back into the market. Can you comment on this and maybe talk about what your plans are to try to address the situation?

Ken Czubay

Well, I sure can, happy to. As you know, days’ supplies is always a snapshot. So we plan our business with a much longer lead and perspective, looking into the calendarization. So I can -- our plan is as we get into the spring selling season and as we have some shifts in our manufacturing plant pattern, we will lower the absolute number of vehicles in inventory and days’ supply, which you saw the daily sales rate pick up. The days’ supply will be reflected in lower inventory and higher sales rates. So we're very comfortable with our plan. We're looking towards the spring selling season. And there's always a seasonality throughout each segmentation as the manufacturers look down the road over the horizon as to the buildups of the products for the merchandising activities. So we're very – we’re comfortable, very comfortable with our plan.

Christopher J. Ceraso - Crédit Suisse AG, Research Division

So you think the sales rates over the next 3 to 6 months will be notably faster than it has been over the last 3 months?

Ken Czubay

Seasonally, it always is and we anticipate that to continue.

Erich Merkle

That's particularly standard for particularly passenger cars and small cars, the spring selling season does tend to pick up.

Christopher J. Ceraso - Crédit Suisse AG, Research Division

Okay. So you don't think stock levels are too high, no matter how you measure it here?

Erich Merkle

We're pleased with where they're at. Tahisha, we appreciate your help today on the call. And we thank everybody for joining us. And please dial in again next month. We look forward to talking to you about February sales results. Thank you very much.

Ken Czubay

Thanks, everybody.

Operator

Ladies and gentlemen, that concludes today's conference. Thank you for your participation. You may now disconnect. Have a great day.

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Source: Ford Motor Co., Jan 2012 Sales/ Trading Statement Call, Feb 01, 2012
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