福特汽車 (F) 2004 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Ford Motor Company First Quarter Earnings Conference Call.

女士們先生們，美好的一天，歡迎來到福特汽車公司第一季度收益電話會議。

My name is Mike, and I'll be your coordinator for today's event.

我叫邁克，我將擔任今天活動的協調員。

During the conference, all lines will be in a listen-only mode with an opportunity to ask questions at the end.

會議期間，所有線路都將處於只聽模式，最後有機會提問。

I would also like to remind you that this conference is being recorded.

我還想提醒您，本次會議正在錄製中。

If you require assistance at any time, please key star, followed by a zero on a touchtone phone, and a coordinator will be happy to assist you.

如果您在任何時候需要幫助，請按星鍵，然後在按鍵式電話上按零，協調員將很樂意為您提供幫助。

I would now like to hand the presentation over to Barbara Gasper, Vice President of Investor Relations.

我現在想將演示文稿交給投資者關係副總裁 Barbara Gasper。

You may now begin.

你現在可以開始了。

Thank you, Mike.

謝謝你，邁克。

Good morning, and thank you all for joining us.

早上好，感謝大家加入我們。

As usual, with me on the call this morning are Don Leclair, our Chief Financial Officer, and Jim Gouin, Ford's Vice President and Controller.

和往常一樣，今天早上和我一起打電話的有我們的首席財務官 Don Leclair 和福特副總裁兼財務總監 Jim Gouin。

Additionally, we are pleased that Bill Ford is able to join us for the start of the call this morning with some opening comments.

此外，我們很高興 Bill Ford 能夠在今天早上加入我們的電話會議並發表一些開場白。

Also here in the room are Lloyd Hansen, Vice President of Revenue Management;

在場的還有收入管理副總裁勞埃德·漢森 (Lloyd Hansen)；

Patricia Little, our Director of Accounting;

Patricia Little，我們的會計總監；

Anne Marie Petak, Assistant Treasurer; and David Cosper, Ford Credit CFO.

Anne Marie Petak，助理財務主管；和福特信貸首席財務官 David Cosper。

Before we begin, I'd like to review a couple of quick items.

在我們開始之前，我想快速回顧一下幾個項目。

First, copies of this morning's earnings release and the slide deck that we will be using here today have been posted on the Ford Investor and Media websites for your reference.

首先，今天上午的收益發布副本和我們今天將在此處使用的幻燈片已發佈在福特投資者和媒體網站上，供您參考。

I would also point out that the financial results presented here are all on a GAAP basis.

我還要指出，此處提供的財務結果均基於公認會計原則。

Any non-GAAP financial measures discussed on this call are reconciled to their GAAP equivalence as part of the appendix to the slide deck.

在本次電話會議上討論的任何非 GAAP 財務措施都作為幻燈片附錄的一部分與其 GAAP 等效項進行了協調。

And, finally, I need to remind everyone that today's presentation includes some forward-looking statements about our expectations for Ford's future performance.

最後，我需要提醒大家，今天的演講包括一些關於我們對福特未來業績預期的前瞻性陳述。

Actual results could differ materially from those suggested by our comments here.

實際結果可能與我們在此評論中建議的結果大不相同。

Additional information about the factors that could affect future results is summarized at the end of this presentation, and these risk factors are also detailed in our SEC filings, including our Forms 10-K, 10-Q, and 8-K.

有關可能影響未來結果的因素的其他信息在本演示文稿的末尾進行了總結，這些風險因素也在我們提交給 SEC 的文件中進行了詳細說明，包括我們的 10-K、10-Q 和 8-K 表格。

With that, I'd now like to turn the call over to Bill Ford.

有了這個，我現在想把電話轉給比爾福特。

Bill?

賬單？

Thank you, Barbara.

謝謝你，芭芭拉。

Good morning to all of you.

大家早上好。

I'm pleased to join you this morning and to give you my perspective on our first quarter results.

我很高興今天早上和你們一起，並向你們介紹我對我們第一季度業績的看法。

Obviously, I'm extremely pleased and proud of what our team has accomplished.

顯然，我為我們團隊所取得的成就感到非常高興和自豪。

We've maintained our record of delivering on our commitments, and we posted, I think, some pretty impressive numbers.

我們一直保持著兌現承諾的記錄，而且我認為我們公佈了一些令人印象深刻的數字。

What pleases me most, however, is that we've delivered these results across the board.

然而，最讓我高興的是，我們已經全面交付了這些結果。

All of our Automotive operations worldwide made a profit in the first quarter.

我們在全球的所有汽車業務在第一季度都實現了盈利。

For the first time in a long time, our Automotive operations earned more than our financial operations.

很長一段時間以來，我們的汽車業務收入首次超過我們的金融業務。

That's a real accomplishment since Ford Credit had a record first quarter.

這是一個真正的成就，因為福特信貸在第一季度創下了紀錄。

Clearly, we have challenges ahead, and not the least of these challenges is keeping up with the expectations that these results will create.

顯然，我們面臨著挑戰，而這些挑戰中最重要的是要跟上這些結果將產生的期望。

I wish we could just multiply our first quarter results times four, but we can't.

我希望我們能將第一季度的業績乘以四，但我們做不到。

But as you've already seen, we are increasing our full-year outlook, and I think higher expectations are a good challenge for us to have.

但正如您已經看到的那樣，我們正在提高全年展望，我認為更高的期望對我們來說是一個很好的挑戰。

Don's going to take you through the results in detail and review our outlook for the year, and I'll conclude by repeating what we've been saying for some time now -- our plan is working, and we are gaining momentum.

唐將詳細介紹結果並回顧我們今年的展望，最後我將重複我們一段時間以來一直在說的話——我們的計劃正在奏效，我們正在獲得動力。

Our quality is up, our costs are down, and we're adding a record number of great new products to the strongest portfolio of Automotive brands in the world, and we're not finished yet.

我們的質量提高了，我們的成本降低了，我們正在為世界上最強大的汽車品牌組合添加創紀錄數量的優秀新產品，而我們還沒有完成。

And I hope that after our ninth consecutive quarter of beating our own projections, you will begin to believe me when I say that our goal is to under-promise and over-deliver.

我希望在我們連續第九個季度超過我們自己的預測之後，當我說我們的目標是承諾不足和交付過多時，您會開始相信我。

Thank you for joining us, and I'll turn to over to Don now.

感謝您加入我們，我現在將轉向 Don。

Thanks, Bill, and good morning to everyone.

謝謝，比爾，大家早上好。

I'd like to echo what Bill said.

我想附和比爾所說的話。

We had a terrific first quarter, and we are very proud of our results.

我們有一個很棒的第一季度，我們為我們的結果感到非常自豪。

Earnings from continuing operations, excluding special items, were 96 cents a share, significantly better than our expectations for both the auto side and the Financial Services side.

不包括特殊項目的持續經營收益為每股 96 美分，明顯好於我們對汽車和金融服務方面的預期。

On slide one, you can see the strong profit improvement we had in North America was accompanied by best-ever quality, strong unit revenue and positive net pricing, and strong sales of F-Series and SUVs.

在第一張幻燈片上，您可以看到我們在北美取得的強勁利潤增長伴隨著有史以來最好的質量、強勁的單位收入和積極的淨定價，以及 F 系列和 SUV 的強勁銷售。

South America was profitable.

南美洲是有利可圖的。

All of our operations in international were profitable.

我們所有的國際業務都是盈利的。

We had strong cost performance across all areas and all elements and record earnings at Ford Credit and continued strong Automotive liquidity.

我們在所有領域和所有要素上都有強勁的成本表現，福特信貸創紀錄的收益以及持續強勁的汽車流動性。

Now, if you turn to slide two, this slide shows the standard financial metrics for the first quarter compared with a year ago, and we will cover most of this material later on, but I want to point out that our sales and revenue were 44.7b, up 10 percent, and for the Automotive sector, sales were 38.8b, up 13 percent.

現在，如果你轉到第二張幻燈片，這張幻燈片顯示了第一季度與一年前相比的標準財務指標，我們稍後會介紹大部分內容，但我想指出，我們的銷售額和收入為 44.7 b，增長 10%，對於汽車行業，銷售額為 38.8b，增長 13%。

Exchange explains about 40 percent of the increase in Automotive sales, and the balance reflects primarily higher volumes and favorable mix and pricing.

Exchange 解釋了大約 40% 的汽車銷售增長，其餘部分主要反映了更高的銷量以及有利的組合和定價。

Over to slide three, this shows our pretax results by sector for the first quarter, excluding special items.

轉到第三張幻燈片，這顯示了我們第一季度按部門劃分的稅前結果，不包括特殊項目。

And you can see from this chart that we had excellent results on both the Automotive side and Financial Services.

您可以從這張圖表中看到，我們在汽車方面和金融服務方面都取得了出色的成績。

Now, over to slide four.

現在，轉到第四張幻燈片。

This slide provides, as in previous quarters, an explanation of the change from 2003 to 2004 for the Automotive side.

與前幾個季度一樣，這張幻燈片解釋了汽車方面從 2003 年到 2004 年的變化。

Volume and mix were favorable, about $300m.

成交量和組合都不錯，約為 3 億美元。

That's explained primarily by favorable mix in North America, higher volumes in Europe, and market share gains in PAG.

這主要是由於北美的有利組合、歐洲的銷量增加以及 PAG 的市場份額增加。

Net pricing was favorable in the quarter, about 400m, and all of our operations had favorable net pricing in the quarter.

本季度淨定價有利，約為 4 億美元，我們所有的業務在本季度都有有利的淨定價。

And we'll talk more specifically about net pricing in the U.S. when we talk about the North America results.

當我們談論北美結果時，我們將更具體地談論美國的淨定價。

Cost performance was 600m favorable in the quarter, and we'll review specifics on that as well later on.

本季度的成本效益為 600m，我們稍後也會對此進行審查。

Currency exchange was unfavorable, about 100m.

貨幣兌換不利，大約100m。

And not shown on this page are favorable parts profits, about 100m, offset by unfavorable net interest.

此頁面上未顯示的是有利的部分利潤，約 100m，被不利的淨利息抵消。

Now, let's go through cost performance.

現在，讓我們來看看性價比。

Of our 600m in Automotive cost performance in the first quarter, 200m came from quality-related expense reductions, primarily driven by lower recalls.

在我們第一季度 6 億美元的汽車成本績效中，有 2 億美元來自與質量相關的費用削減，主要是由於召回率降低。

As we said in January, we expect that this will be around zero for the full year as ongoing quality improvements are just about offset by the nonrecurrence of last year's reserve adjustments, and that still holds true.

正如我們在 1 月份所說，我們預計全年這一數字將約為零，因為持續的質量改進幾乎被去年儲備金調整的不再發生所抵消，而且這仍然適用。

We expect this to be around zero for the full year.

我們預計全年這一數字將約為零。

Now, manufacturing and engineering costs were 200m favorable, and overheads, primarily administrative and staff support, were also about 200m favorable.

現在，製造和工程成本為 2 億美元，而間接費用（主要是行政和員工支持）也為 2 億美元左右。

And net product costs were $100m favorable.

淨產品成本為 1 億美元。

Reductions on carryover model material costs more than offset the higher cost of recently launched new products.

結轉模型材料成本的降低足以抵消最近推出的新產品的較高成本。

And depreciation and amortization was up about $100m.

折舊和攤銷增加了約 1 億美元。

Pension and healthcare expenses were just about flat during the quarter, and we expect these costs to be down about $200m during the year, reflecting primarily the effect of the new Medicare legislation.

養老金和醫療保健費用在本季度幾乎持平，我們預計這些費用在年內將減少約 2 億美元，主要反映了新醫療保險立法的影響。

Now, over to slide six, which shows our pretax results within the Automotive sector in the Americas, International, and Other Automotive.

現在，轉到幻燈片六，它顯示了我們在美洲、國際和其他汽車行業的稅前結果。

In the first quarter, the Americas had a pretax profit of just under 2b.

第一季度，美洲的稅前利潤略低於 2b。

That's up 772m compared with a year ago.

與一年前相比增加了 7.72 億。

And pretax profit was 107m for International, up 426m.

國際的稅前利潤為 1.07 億美元，增長了 4.26 億美元。

Other Automotive was a loss of 266m in the first quarter.

其他汽車業務第一季度虧損 2.66 億美元。

That's 42m unfavorable, compared with 2003, and that primarily reflects reclassifying interest on our trust-preferred securities for minority interest to pretax profit, and that began with the implementation of FIN 46 in the third quarter of last year.

與 2003 年相比，這是不利的 4200 萬美元，這主要反映了將少數股東權益信託優先證券的利息重新分類為稅前利潤，這始於去年第三季度 FIN 46 的實施。

Slide seven shows the breakout of the profit in the Americas, between North America and South America.

幻燈片七顯示了北美和南美之間美洲的利潤突破。

Now, going on to slide eight, we'll look at North America.

現在，轉到第八張幻燈片，我們來看看北美。

Now, sales were down in North America by 12,000 units to 1,012,000.

現在，北美的銷量下降了 12,000 輛，至 1,012,000 輛。

Lower market share in the U.S., going from 20 percent in the first quarter last year to 18.7 percent this quarter, was offset partially by higher U.S. industry volumes.

美國市場份額下降，從去年第一季度的 20% 下降到本季度的 18.7%，但部分被美國工業銷量增加所抵消。

Our share was up in full-size pick-ups and SUVs.

我們的份額在全尺寸皮卡和 SUV 中有所增加。

This was more than offset by declines in daily rental, discontinued low profit vehicle lines, and small- and mid-size cars.

這被每日租金的下降、停產的低利潤汽車生產線和中小型汽車所抵消。

As we indicated to you in January, share performance this year will be tough until we get our new car products into the dealers in the fourth quarter.

正如我們在 1 月份向您指出的那樣，在我們的新車產品在第四季度進入經銷商之前，今年的股價表現將很艱難。

Our focus, however, remains on profitable share, primarily on the retail side.

然而，我們的重點仍然是盈利份額，主要是在零售方面。

Revenue was 23.3b, up from 22.2 last year.

收入為 23.3b，高於去年的 22.2。

And we'll talk more about revenue on the next slide.

我們將在下一張幻燈片上更多地討論收入。

And pretax profit was just under 2b in the quarter, up 726 from a year ago, and that increase in profitability is explained primarily by favorable cost performance, improved mix, particularly related to the new F-150, and favorable net pricing.

本季度稅前利潤略低於 2b，比去年同期增長 726，盈利能力的增長主要歸因於有利的成本績效、改進的組合（尤其是與新 F-150 相關的組合）以及有利的淨定價。

[Inaudible] shows our first quarter net revenue per unit for North America, and we achieved a record unit revenue of 22,628.

[聽不清] 顯示了我們第一季度北美單位淨收入，我們實現了創紀錄的單位收入 22,628。

That's up $934 from the first quarter of last year and up nearly $1,800 from the first quarter of 2002.

這比去年第一季度上漲了 934 美元，比 2002 年第一季度上漲了近 1,800 美元。

We also were particularly pleased to be able to achieve positive net pricing of 1.2 percent, or roughly $240 a unit out of the 934 improvement, and these improvements reflect a continuation of our disciplined approach to managing our revenue.

我們還特別高興能夠實現 1.2% 的正淨定價，即 934 改進後的每台大約 240 美元，這些改進反映了我們管理收入的嚴格方法的延續。

Some of the key drivers for that include a targeted focus on managing retail incentives, which enabled us to spend substantially less on incentives than several of our closest competitors.

其中的一些關鍵驅動因素包括有針對性地專注於管理零售激勵措施，這使我們能夠比幾個最接近的競爭對手在激勵措施上花費更少。

We discontinued low-margin vehicles, which generally were low-revenue vehicles as well.

我們停止了低利潤車輛，這些車輛通常也是低收入車輛。

We had new options and features with a high take rate from the customer [inaudible] on the Navigator, Aviator, Expedition, and the new F-150.

在 Navigator、Aviator、Expedition 和新 F-150 上，我們有新的選項和功能，客戶 [聽不清] 的接受率很高。

And we had, as I mentioned, a planned reduction in low margin daily rental sales, and we had strong sales of pick-up trucks and SUVs.

正如我所提到的，我們計劃減少低利潤的每日租賃銷售，我們的皮卡車和 SUV 銷售強勁。

This next slide shows vehicle unit sales and dealer stocks for the first quarter of 2004 and the first quarter of 2003.

下一張幻燈片顯示了 2004 年第一季度和 2003 年第一季度的車輛銷量和經銷商庫存。

During the quarter, dealer stocks increased by 137,000 units.

本季度，經銷商庫存增加了 137,000 輛。

You can see that in the middle column at the bottom of this slide.

您可以在這張幻燈片底部的中間欄中看到它。

This means that we produced and sold 137,000 more vehicles to dealers during the quarter than were purchased by customers off the dealer lots.

這意味著我們在本季度生產和銷售給經銷商的車輛比客戶從經銷商處購買的車輛多 137,000 輛。

And the size of the dealers' stock build is similar in size to that of a year ago when stocks increased by 129,000 units.

經銷商庫存增加的規模與一年前庫存增加 129,000 輛的規模相似。

Our dealer stock build in the first quarter is typical in order to prepare for the spring selling season and summer shutdowns when dealers typically sell more vehicles than we can produce.

我們通常會在第一季度增加經銷商庫存，以便為春季銷售旺季和夏季停產做準備，因為此時經銷商銷售的車輛通常多於我們的生產能力。

For 2004 and 2003, however, the first quarter stock builds were somewhat larger than normal because of the high level of second and third quarter plant changeover activity, which requires us to build ahead, to a certain extent, to ensure we have a sufficient number of units during the changeover downtime.

然而，對於 2004 年和 2003 年，第一季度的庫存建設略高於正常水平，因為第二和第三季度的工廠轉換活動水平很高，這需要我們在一定程度上提前建設，以確保我們有足夠的數量轉換停機期間的單位。

Now, let's look at the major changeovers at our North American assembly plants on the next slide.

現在，讓我們看看下一張幻燈片中我們北美裝配廠的主要轉變。

As we mentioned in January, 2004 is a year of significant changes for us in North America, and most of that activity starts in the second quarter.

正如我們在 1 月份提到的那樣，2004 年對我們的北美市場來說是發生重大變化的一年，其中大部分活動始於第二季度。

First, we closed the Edison assembly plant in Edison, New Jersey on February 27 and consolidated production of the Ford Ranger and Mazda B Series at our plant in Twin Cities.

首先，我們於 2 月 27 日關閉了位於新澤西州愛迪生的愛迪生裝配廠，並在我們位於雙子城的工廠整合了福特 Ranger 和馬自達 B 系列的生產。

During the second quarter, we will balance out production of the Ford Taurus and Mercury Sable in preparation for launching the new Ford 500 and Mercury Montego and the new Ford Freestyle during the third quarter, and I think we will balance out of the Taurus Sable later this week in Chicago.

在第二季度，我們將平衡 Ford Taurus 和 Mercury Sable 的生產，為第三季度推出新的 Ford 500 和 Mercury Montego 以及新的 Ford Freestyle 做準備，我認為我們稍後會平衡 Taurus Sable本週在芝加哥。

The Ontario truck plant, which is presently building the Heritage version of our F-150 pick-up truck, will phase out in the second quarter, and we will launch the new F-150 in our new Dearborn truck plant in the second quarter.

安大略卡車工廠目前正在生產我們的 F-150 皮卡車的 Heritage 版本，該工廠將在第二季度逐步停產，我們將在第二季度在我們新的迪爾伯恩卡車工廠推出新的 F-150。

The old Dearborn assembly plant will be permanently closed after a balance-out of the Mustang in the second quarter.

在第二季度野馬平衡後，舊的迪爾伯恩裝配廠將永久關閉。

And in the third quarter, we will begin production of the all-new Mustang at AAI, our joint venture with Mazda.

在第三季度，我們將在我們與馬自達的合資企業 AAI 開始生產全新的 Mustang。

When complete, we will have much improved capacity utilization, and importantly, we will have reduced our capacity in the lower profit end of the business.

完成後，我們的產能利用率將大大提高，重要的是，我們將減少業務利潤較低端的產能。

For instance, we have gone from two plants to one for compact pick-up trucks.

例如，我們已經從兩個工廠變成了一個小型皮卡工廠。

We will soon go from two plants to one for Taurus Sable.

對於 Taurus Sable，我們很快就會從兩個工廠變成一個工廠。

In addition, AAI will be better utilized when we add the Mustang because we'll be going from one shift of production to two shifts, and next year, we'll go from two plants to one plant of Focus.

此外，當我們添加 Mustang 時，AAI 將得到更好的利用，因為我們將從一個生產班次轉變為兩個班次，明年，我們將從兩個工廠轉變為 Focus 的一個工廠。

All of this changeover activity will have an impact on our second and third quarter production.

所有這些轉換活動都將對我們第二和第三季度的生產產生影響。

In fact, our announced second quarter production in North America is down 53,000 units compared with a year ago and down 53,000 units compared with the first quarter.

事實上，我們公佈的北美第二季度產量與去年同期相比下降了 53,000 台，與第一季度相比下降了 53,000 台。

Now, switching to South America, sales were up 22,000 to 66,000, and this reflected strong [inaudible] volumes at higher share, particularly for the EcoSport, the Fiesta, and the [cargo] truck.

現在，轉向南美後，銷量增長了 22,000 輛至 66,000 輛，這反映出強勁的 [聽不清] 銷量和更高的份額，尤其是 EcoSport、Fiesta 和 [貨運] 卡車。

Revenue was up to $600m, and this reflects the higher volumes, favorable mix, and the positive net pricing. [Inaudible] profit was $15m in the quarter, up 46m from a year ago; and the improvement is explained primarily by pricing, favorable mix, and higher vehicle volume.

收入高達 6 億美元，這反映了更高的銷量、有利的組合和積極的淨定價。 [聽不清] 本季度利潤為 1500 萬美元，比去年同期增長 4600 萬美元；這種改善主要歸因於定價、優惠組合和更高的車輛銷量。

Our next slide is International.

我們的下一張幻燈片是國際。

We earned a profit of 107m in the first quarter, an improvement of 426m from a year ago.

我們一季度實現利潤 1.07 億，同比增長 4.26 億。

And as I mentioned, all operations were [inaudible] from a year ago.

正如我提到的，所有操作都是一年前的[聽不清]。

We earned 54m in Other Automotive, which consists of our investments in Mazda, and this was 13m better than a year ago.

我們在其他汽車業務中賺取了 5400 萬美元，其中包括我們對馬自達的投資，這比一年前增加了 1300 萬美元。

And we are now starting to see the benefits of the shared vehicle technologies in the International area.

我們現在開始在國際領域看到共享車輛技術的好處。

Products that are out now include the Ford Focus C-Max, the new Volvo S40 and V50, and the new Mazda3.

現已上市的產品包括福特福克斯 C-Max、新款沃爾沃 S40 和 V50 以及新款馬自達 3。

And later this year, we will be launching the new Ford Focus hatchback and wagon.

今年晚些時候，我們將推出新款福特福克斯掀背車和旅行車。

Now on the next slide, in Ford Europe, vehicle unit sales increased by 38,000 units from a year ago to 420,000 units.

現在在下一張幻燈片中，在福特歐洲，汽車銷量比一年前增加了 38,000 輛，達到 420,000 輛。

This increase occurred despite a reduction in dealer stocks in Europe of 26,000 units during the quarter, and the sales increase primarily reflects higher sales of the new C-Max and strong performance in Eastern Europe, in particular, in Turkey.

儘管本季度歐洲經銷商庫存減少了 26,000 輛，但銷量仍出現增長，銷量增長主要反映了新款 C-Max 的銷量增加以及東歐（尤其是土耳其）的強勁表現。

Revenue was 6.5b, compared with 5b last year, and that increase is explained primarily by the higher volume and currency exchange.

收入為 6.5b，而去年為 5b，這一增長主要是由於交易量和貨幣兌換量增加所致。

Pretax profit was 5m in the quarter, up 252m from a year ago.

本季度稅前利潤為 500 萬美元，比一年前增加了 2.52 億美元。

Profit improvement reflects primarily lower costs, including the effects of our restructuring, higher volume, positive net pricing, and these were partly offset by unfavorable currency exchange.

利潤改善主要反映了較低的成本，包括我們重組的影響、較高的銷量、積極的淨定價，而這些被不利的貨幣兌換部分抵消了。

Restructuring charges in the second quarter were 29m, and those were excluded from these results.

第二季度的重組費用為 2900 萬美元，這些費用被排除在這些結果之外。

We expect to complete in the second quarter the restructuring charges in Europe for the actions that we announced last year.

我們預計將在第二季度完成我們去年宣布的行動在歐洲的重組費用。

The total restructuring costs are now projected at about 580m, and that's down from our prior estimate.

目前預計總重組成本約為 5.8 億歐元，低於我們之前的估計。

We're still on track, however, to deliver about $450m of restructuring savings in 2004 and about 550m per year ongoing.

然而，我們仍有望在 2004 年實現約 4.5 億美元的重組節省，並且每年持續節省約 5.5 億美元。

Now, next slide shows PAG's first quarter results.

現在，下一張幻燈片顯示了 PAG 第一季度的業績。

Vehicle unit sales were 194,000 units.

整車銷量為 194,000 輛。

That's up 22,000 from a year ago, and this primarily reflects the stronger market share in both the U.S. and in Europe, as shown in the memo under the box on the left.

這比一年前增加了 22,000，這主要反映了美國和歐洲市場份額的增加，如左側方框下方的備忘錄所示。

Revenue was up about 25 percent from 5.4 to 6.8b, reflecting higher volume and currency exchange.

收入從 5.4 增長約 25% 至 6.8b，反映出更高的交易量和貨幣兌換率。

And pretax profit was 20m in the quarter, and that's up 108m from the first quarter of last year.

本季度稅前利潤為 2000 萬美元，比去年第一季度增加了 1.08 億美元。

The change reflects primarily lower cost, higher volume, positive net price, partly offset by unfavorable exchange.

這一變化主要反映了較低的成本、較高的銷量、正的淨價，部分被不利的匯率所抵消。

On the next slide, you can see the sales for Asia-Pacific, and they were up 14,000 units, primarily reflecting stronger industry volumes and higher share in several markets.

在下一張幻燈片中，您可以看到亞太地區的銷量，增長了 14,000 台，主要反映了行業銷量的增長以及在多個市場的更高份額。

Revenue was up 300m, and that was explained primarily by the stronger currency exchange rates in Australia and South Africa, as well as higher volumes.

收入增加了 3 億，這主要是由於澳大利亞和南非的貨幣匯率走強以及銷量增加所致。

And pretax profit was 28m for the quarter, up 53m from a loss of 25m a year ago.

本季度稅前利潤為 2800 萬美元，比一年前的虧損 2500 萬美元增加了 5300 萬美元。

And the increase in profitability is explained primarily by favorable currency exchange in Australia and South Africa and favorable cost performance.

盈利能力的提高主要歸因於澳大利亞和南非有利的貨幣兌換以及有利的成本效益。

Now, the next slide shows our first quarter Automotive cash and cash flow.

現在，下一張幻燈片顯示了我們第一季度的汽車現金和現金流量。

We ended the quarter with gross cash of 26.5b.

我們以 26.5b 的現金總額結束了本季度。

That includes 4.1 of short-term VEBA.

這包括 4.1 的短期 VEBA。

That's up 600m compared with the end of last year.

與去年底相比，增加了 6 億。

Our operating-related cash flow, which excludes pension and long-term VEBA contributions, was 2.3b positive for the quarter.

我們與運營相關的現金流（不包括養老金和長期 VEBA 供款）在本季度為正 2.3b。

This reflects primarily the Automotive pretax profit of 1.8b and capital spending net of depreciation and amortization, which was favorable in the first quarter by $400m.

這主要反映了 1.8b 的汽車稅前利潤和扣除折舊和攤銷後的資本支出，這在第一季度有利 4 億美元。

In the first quarter, we contributed a total of $1.2b to our non-U.S. pension plans.

在第一季度，我們為非美國養老金計劃總共貢獻了 1.2b 美元。

As we discussed in January, we had planned to contribute about 700m to our non-U.S. pension plans, and the increment over that reflects a pull-ahead of our contributions planned for 2005.

正如我們在 1 月份所討論的那樣，我們計劃為我們的非美國養老金計劃提供大約 7 億美元的資金，超過這一數額的增加反映了我們 2005 年的計劃捐款的提前。

And in total, we plan to contribute about 1.5b this year to non-U.S. pension plans.

總體而言，我們計劃今年向非美國養老金計劃貢獻約 1.5b。

Also in the first quarter, we redeemed the entire amount of outstanding of the 9-percent trust-originated preferred securities, about 600m, and repurchased about $800m of other long-term debt.

同樣在第一季度，我們贖回了全部未償還的 9% 信託衍生優先證券，約 6 億美元，並回購了約 8 億美元的其他長期債務。

Our next slide shows pre-tax results for the segments within Financial Services.

我們的下一張幻燈片顯示了金融服務部門的稅前結果。

Earnings at Ford Credit were just under $1.1b in the first quarter, an improvement of 360 million compared with a year ago.

福特信貸第一季度的收益略低於 1.1b 美元，與一年前相比增加了 3.6 億美元。

Pretax profits at Hertz were 7m in the first -- were a loss, sorry, of 7m in the first quarter, a 52m improvement from a year ago.

赫茲的稅前利潤在第一季度為 700 萬美元——抱歉，第一季度虧損了 700 萬美元，比一年前增加了 5200 萬美元。

And the improvement primarily reflects higher rental car volumes, improved profitability in the equipment rental business, favorable cost performance, and those were offset partly by lower pricing.

這種改善主要反映了汽車租賃量的增加、設備租賃業務盈利能力的提高、良好的成本效益，這些都被較低的定價部分抵消了。

Now, turning to the next slide, this shows Ford Credit's operating results and key metrics for the first quarter.

現在，轉到下一張幻燈片，這張幻燈片顯示了福特信貸第一季度的經營業績和關鍵指標。

As shown in the left box, pretax profit was a record 1.1b.

如左框所示，稅前利潤達到創紀錄的 1.1b。

That's up 360m.

那是360m。

And the increase primarily reflects improved credit loss performance, higher used vehicle prices, and a favorable impact of the present low interest rate environment.

這一增長主要反映了信用損失表現的改善、二手車價格的上漲以及當前低利率環境的有利影響。

You can see in the right box that our March 31 managed receivables were 179b -- that's down 13b from a year ago -- and the decline reflects primarily continued reductions in non-Ford and used businesses.

您可以在右邊的框中看到我們 3 月 31 日的管理應收賬款為 179b——比一年前下降了 13b——下降主要反映了非福特和二手業務的持續減少。

Credit losses for on-balance-sheet receivables were 335m.

資產負債表內應收賬款的信用損失為 3.35 億美元。

That's down 158m from last year, and the decline primarily reflects lower repossessions and severities in the U.S.

這比去年減少了 1.58 億，下降主要反映了美國較低的收回和嚴重程度

And managed credit losses were 493m, and that's down 193m from a year ago.

管理的信貸損失為 4.93 億美元，比一年前減少了 1.93 億美元。

And at March 31, the credit loss reserve for on-balance-sheet receivables was 2.9b, or 2.25 percent of receivables.

截至 3 月 31 日，表內應收賬款的信用損失準備金為 2.9b，占應收賬款的 2.25%。

The Credit Company paid a $900m dividend to the parent, and we ended the quarter with managed leverage of 12.8 to 1.

The Credit Company 向母公司支付了 9 億美元的股息，我們在本季度結束時的管理槓桿率為 12.8 比 1。

Now, for the second quarter outlook.

現在，對於第二季度的展望。

Second quarter production in North America is projected at 955,000 units, down 53,000 units from a year ago and also down 53,000 from the first quarter of this year.

北美第二季度的產量預計為 955,000 輛，同比下降 53,000 輛，也比今年第一季度下降 53,000 輛。

The reduction from the first quarter in last year reflects the pattern of plant changeovers we covered earlier.

與去年第一季度相比的減少反映了我們之前提到的工廠轉換模式。

Ford Europe's production is projected to be up 44,000 units from a year ago, and PAG's production is projected at 190,000 units, up 7,000 from last year.

福特歐洲的產量預計比一年前增加 44,000 輛，PAG 的產量預計為 190,000 輛，比去年增加 7,000 輛。

And we project the second quarter results will come in at about 30 to 35 cents a share, and that's up from 23 cents a share a year ago, excluding special items.

我們預計第二季度的業績將達到每股 30 至 35 美分，高於一年前的每股 23 美分，不包括特殊項目。

Now, let's turn to our planning assumptions and operational metrics.

現在，讓我們轉向我們的規劃假設和運營指標。

We're still looking for around 17m units in the U.S., and we think 17m units is about right for Europe as well.

我們仍在尋找美國約 1700 萬台，我們認為 1700 萬台也適合歐洲。

And with respect to our operational metrics, we are on track to improve quality in all regions, as well as to achieve our capital spending and operating cash flow targets for the year.

在我們的運營指標方面，我們有望在所有地區提高質量，並實現我們今年的資本支出和運營現金流目標。

With the market share, we've seen mixed results.

就市場份額而言，我們看到了不同的結果。

While holding or improving share in Europe and Brazil, we saw a decline in share during the first quarter in the U.S.

在保持或提高歐洲和巴西的份額的同時，我們發現第一季度在美國的份額有所下降。

As I indicated earlier, this was anticipated as we continue to focus on profitable share and reduce our participation in the daily rental market.

正如我之前指出的那樣，這是意料之中的，因為我們將繼續關注盈利份額並減少我們對日常租賃市場的參與。

We do plan to see a pick-up in share in the fourth quarter when we get our new car products on the road in the dealerships.

我們確實計劃在第四季度看到我們的新車產品在經銷商處上路時的份額回升。

With the achievement of 600m in cost improvements in the first quarter, we expect to do better than our target this year for the full [inaudible], and we should also note that our tax rate in the first quarter was 29 percent.

隨著第一季度實現 6 億的成本改善，我們預計今年的全部 [聽不清] 會比我們的目標做得更好，我們還應該注意到，我們第一季度的稅率為 29%。

This is a reasonable planning assumption going forward.

這是一個合理的未來規劃假設。

The net tax rate is lower than what we had told you on our last call.

淨稅率低於我們在上次電話中告訴您的。

I think it was around 32 percent.

我認為大約是 32%。

It's lower by 3 points, in large part because of the effects of Medicare D, which is worth about 2 percentage points of that.

它降低了 3 個百分點，這在很大程度上是因為 Medicare D 的影響，它的價值大約為 2 個百分點。

And then we have higher research credits and deductions from state income tax that account for most of the balance.

然後我們有更高的研究信用和州所得稅的扣除額佔了大部分餘額。

But I think 29 percent's a reasonable tax rate for you to use going forward.

但我認為 29% 是您今後可以使用的合理稅率。

Now, slide 22 shows the current status of our 2004 financial milestones by operation.

現在，幻燈片 22 顯示了我們按運營劃分的 2004 年財務里程碑的當前狀態。

And overall, you'll see our Automotive operations are -- we see our Automotive operations as on track to achieve the 900m to 1.1b of pretax profit in 2004.

總的來說，您會看到我們的汽車業務——我們認為我們的汽車業務有望在 2004 年實現 9 億美元至 1.1 億的稅前利潤。

And our present expectation is that North America likely will exceed the full-year milestone of 1.5 to 1.7b.

我們目前的預期是北美可能會超過 1.5 至 1.7b 的全年里程碑。

First quarter performance in North America, particularly on the revenue side, is encouraging.

北美第一季度的業績，尤其是在收入方面，令人鼓舞。

South America, Europe, and Asia-Pacific appear to be on track to meet their full-year commitments.

南美、歐洲和亞太地區似乎有望實現其全年承諾。

PAG, however, is at risk of not meeting their full-year milestone of 500m to 600m.

然而，PAG 有可能無法達到其 5 億至 6 億的全年里程碑。

The weak dollar will continue to have a negative effect on PAG's results in 2004 and our ability to offset the effects of the weakening dollar on the exports to the U.S. remains a question mark.

美元疲軟將繼續對 PAG 2004 年的業績產生負面影響，我們抵消美元疲軟對美國出口影響的能力仍然是一個問號。

We expect the full-year results from Financial Services will exceed our milestone of 2.6 to 2.7b.

我們預計金融服務的全年業績將超過我們 2.6 至 2.7b 的里程碑。

And overall, we expect to exceed our total pretax income milestone.

總的來說，我們預計會超過我們的稅前總收入里程碑。

We expect special items for the full year to be about 200m pretax, and this consists primarily of disposition of non-core businesses and the completion of the European restructuring actions we talked about earlier.

我們預計全年的特殊項目約為 2 億稅前，這主要包括非核心業務的處置和我們之前談到的歐洲重組行動的完成。

Now, for the full year, we are increasing our earnings guidance from a range of $1.20 to $1.30, up to a range of [inaudible] $1.60.

現在，對於全年，我們將收益指引從 1.20 美元提高到 1.30 美元，最高 [聽不清] 1.60 美元。

That's an increase of about 30 cents a share.

這相當於每股增加了約 30 美分。

And the increase reflects our expectation that our Financial Services Group will exceed our milestone, as well as the effect of the tax rate change I mentioned earlier.

這一增長反映了我們對我們的金融服務集團將超過我們的里程碑的預期，以及我之前提到的稅率變化的影響。

As we have done throughout the last two years, our guidance for the business reflects a level that we are comfortable with.

正如我們在過去兩年所做的那樣，我們對業務的指導反映了我們滿意的水平。

While the economies in the U.S. and Western Europe appear to be gaining momentum, there are a number of uncertainties.

雖然美國和西歐的經濟似乎正在獲得動力，但仍存在許多不確定性。

For example, the potential for interest rates to rise appears increasingly likely, and exchange rates have been volatile lately.

例如，利率上升的可能性越來越大，近期匯率波動較大。

While our pricing and revenue performance in the first quarter was terrific, the competitive environment remains tough, and it doesn't look like it's getting any easier.

雖然我們在第一季度的定價和收入表現非常出色，但競爭環境依然嚴峻，而且看起來並沒有變得更容易。

Given all of these uncertainties, this is our best assessment of our outlook for the full year.

鑑於所有這些不確定性，這是我們對全年前景的最佳評估。

Clearly, if things progress as they did in the first quarter, there will be some upside potential [ph] for us, and we'll be in a much better position, I think, to assess that in three months.

顯然，如果事情像第一季度那樣進展，我們將有一些上行潛力 [ph]，而且我認為我們將在三個月內更好地評估這一點。

And now we'll be happy to take your questions.

現在我們很樂意回答您的問題。

At this time, we're ready to begin the question-and-answer session.

現在，我們準備開始問答環節。

Following our past practice, we'll begin with about 30 minutes of questions from the investment community and then take questions from the media, who are also on the call.

按照我們過去的做法，我們將從投資界大約 30 分鐘的問題開始，然後接受媒體的提問，他們也在電話會議上。

We ask that you keep your questions brief to allow as many participant questions as possible within our timeframe.

我們要求您的問題保持簡短，以便在我們的時間範圍內允許盡可能多的參與者提問。

Operator, may we please have the first question?

接線員，我們可以問第一個問題嗎？

Ladies and gentlemen, at this time, we'll be taking questions from analysts only. [Caller instructions.]

女士們，先生們，此時，我們將只接受分析師的提問。 [來電說明。]

And the first question comes from Rod Lache with Deutsche Bank.

第一個問題來自德意志銀行的 Rod Lache。

Please proceed.

請繼續。

Good morning.

早上好。

Congratulations.

恭喜。

Hi, Rod.

嗨，羅德。

Thanks.

謝謝。

Thanks a lot.

非常感謝。

A couple things.

幾件事。

You know, the number just blew away your guidance.

你知道，這個數字只是吹走了你的指導。

It was a 45- to 50-cent upside surprise, and you're raising the full year by 30 cents.

這是一個 45 到 50 美分的意外上漲，你將全年提高了 30 美分。

Are you intentionally guiding the Q2 through Q4 down?

您是否有意引導 Q2 到 Q4 向下？

Are there some negatives that are creeping up in here in the outlook that you had not anticipated?

前景中是否有一些您沒有預料到的負面影響？

Can you address that?

你能解決這個問題嗎？

No, there really aren't any negatives in the outlook that we didn't anticipate.

不，在我們沒有預料到的前景中確實沒有任何負面影響。

I'd say that compared with things that have changed since the start of the year, we now have a clear sight on Medicare D, and that's in our numbers.

我想說的是，與年初以來發生的變化相比，我們現在對 Medicare D 有了清晰的認識，這就是我們的數字。

We also have seen a somewhat better performance in pricing and revenue in the U.S. than we had thought in the first quarter, and good pricing performance in the first quarter in all of our operations.

我們還看到美國第一季度的定價和收入表現比我們想像的要好一些，第一季度我們所有業務的定價表現都很好。

But we don't think that that's sensible that that can continue for the whole year.

但我們認為這種情況可以持續一整年是不明智的。

And we did have, as we mentioned, a dealer stock increase in the U.S. --

正如我們所提到的，我們確實在美國增加了經銷商庫存——

Right.

正確的。

-- that did contribute.

——確實有所貢獻。

On a year-over-year basis, it's not much different.

與去年同期相比，差別不大。

So is your expectation of production a bit lower now for the balance of the year?

那麼，您現在對今年餘下時間的產量預期是否有所降低？

No, our expectation of production is about in line with what we had in mind.

不，我們對生產的期望與我們的想法基本一致。

We knew we were going to build stock in the first quarter.

我們知道我們將在第一季度增加庫存。

It's very similar to what we did last year when we had the big changeover on the F-150, and, you know, so we -- for example, we built stocks ahead on the Mustang because we'll be out of production for several months as we transfer from the old plant in Dearborn to the new plant in AAI.

這與我們去年在 F-150 上進行重大轉換時所做的非常相似，而且，你知道，所以我們 - 例如，我們在 Mustang 上提前建立了庫存，因為我們將停產數年幾個月，因為我們從迪爾伯恩的舊工廠轉移到 AAI 的新工廠。

Right.

正確的。

So we built some stocks, and that's normal for a vehicle like the Mustang anyway.

所以我們建立了一些庫存，無論如何這對於像野馬這樣的車輛來說是正常的。

Right.

正確的。

Because that kind of a car sells best in the spring and summer, and, you know, we build all year long.

因為那種車在春夏兩季賣得最好，而且，你知道，我們全年都在生產。

So that sort of thing has, you know, a piece in this as well.

所以，你知道，這類事情也有一部分。

But there isn't anything really that's unusual or sinister in the second half.

但下半場並沒有什麼不尋常或險惡的地方。

What we're saying, I think, if you stand back is that we have been -- you know, we set out our plan on this two years ago.

我想，如果你退後一步，我們所說的是我們一直——你知道，我們在兩年前就制定了計劃。

We said we were going to break even [inaudible] business.

我們說我們要收支平衡 [聽不清] 業務。

Yeah.

是的。

And we worked hard to do that.

我們努力做到這一點。

Last year, we said we were going to break even in the Automotive sector.

去年，我們說我們將在汽車行業實現收支平衡。

We worked hard to do that, and we achieved it.

我們努力做到這一點，我們做到了。

This year, we said we were going to achieve, you know, good solid results in the Credit Company, and the Credit Company has done a lot better than we thought, and we're flowing that through into the full-year guidance.

今年，我們說我們將在 Credit Company 取得良好的業績，而 Credit Company 的表現比我們想像的要好得多，我們正在將其納入全年指導。

We also said that we would improve our Automotive results from last year's a little bit favorable to breakeven to $1b and achieve over $1b of positive operating cash flow.

我們還表示，我們將把我們的汽車業業績從去年的盈虧平衡點提高到 10 億美元，並實現超過 10 億美元的正經營現金流。

I think the best thing for us to do now is to say we're on track, we have delivered what we said before, and there could be a little bit of upside, but in my mind, it's too early to call given the kinds of uncertainty in the economy now, and the, you know, the ferocious nature of the competition.

我認為我們現在要做的最好的事情就是說我們正在走上正軌，我們已經實現了我們之前所說的，並且可能會有一點上行空間，但在我看來，鑑於各種情況，現在判斷還為時過早現在經濟的不確定性，以及競爭的激烈性。

Given that we're in the first quarter, just into the second quarter now rather, and we have our old models to sell down, we have a lot of changeovers, and in three months we'll be in a much better position to assess if, in fact, some of the good things that happened in the first quarter can flow through.

鑑於我們處於第一季度，現在只是進入第二季度，我們有舊模型要賣掉，我們有很多轉換，三個月後我們將處於更好的位置來評估事實上，如果第一季度發生的一些好事能夠順利通過。

In any way -- in any case, we are committed to $1b or so of pretax profit on the Automotive side, and we've taken our guidance up 30 cents, reflecting the strong performance of Ford Credit and Hertz.

無論如何 - 無論如何，我們承諾在汽車方面實現 10 億美元左右的稅前利潤，並且我們已經將我們的指導提高了 30 美分，反映了福特信貸和赫茲的強勁表現。

Okay, two more things if I can get it in.

好吧，如果我能把它放進去，還有兩件事。

The cost performance -- where is the upside surprise coming from, and how much of this is North America?

性價比——上行驚喜來自哪裡，其中有多少來自北美？

And, also, the launches that you've got through the balance of this year, obviously there's a pretty significant amount of launch costs.

而且，還有，今年餘下時間的發射，顯然有相當可觀的發射成本。

Do you have any sense of how much your launch costs will decline '05 versus '04, which will obviously be a much less of a launch year?

您是否知道 05 年與 04 年相比您的發布成本將下降多少，而 04 年顯然是發布年要少得多？

Well, there are a couple of questions here.

那麼，這裡有幾個問題。

I'll see if I can get them.

我看看我能不能得到它們。

First off, we're not really going to talk about 2005 now, but our launch costs this year, we have a lot, but, you know, we had a lot last year.

首先，我們現在不會真正談論 2005 年，但我們今年的發射成本很多，但是，你知道，我們去年有很多。

And they're probably up a little bit this year.

他們今年可能會上漲一點。

I wouldn't think it's a large amount.

我不認為這是一個很大的數額。

We had changeovers this year in Land Rover and in [Sar Lui][ph].

我們今年在 Land Rover 和 [Sar Lui][ph] 中進行了轉換。

We had changeovers last year in Europe as well.

去年我們在歐洲也進行了轉換。

We have two or three major launches in the U.S. this year.

今年我們在美國有兩三個主要的發布。

We had the F-150 last year.

我們去年有 F-150。

So it's probably up a little bit, not significantly, though.

所以它可能會上漲一點點，但並不顯著。

And as far as our cost performance, I think that last year we did a terrific job of reducing our costs in the overhead and manufacturing areas.

就我們的成本效益而言，我認為去年我們在降低管理費用和製造領域的成本方面做得非常出色。

I mean I think the guys did a fantastic job, and that's continuing in the first quarter.

我的意思是我認為這些人做得非常出色，並且在第一季度仍在繼續。

If that continues, you know, for the balance of the year, there could be a little more upside, but frankly, I think we've wrung out most of the low-hanging fruit here.

如果這種情況持續下去，你知道，在今年餘下的時間裡，可能會有更多的上漲空間，但坦率地說，我認為我們已經榨出了大部分唾手可得的果實。

Now, as we've said, we don't expect anything full year on the quality-related side, and that's not to say that our quality isn't improving.

現在，正如我們所說，我們不期望在與質量相關的方面全年有任何進展，這並不是說我們的質量沒有提高。

Our vehicle quality is the best it's ever been.

我們的車輛質量是有史以來最好的。

But we had some one-time things last year that are going to offset this year, and those will be offset by the continued improvements in quality.

但我們去年有一些一次性的事情將在今年抵消，而這些將被質量的持續提高所抵消。

And we do have the benefit of, you know, the new Medicare legislation that should help mitigate the costs on retiree healthcare, and that's a plus since we set our target because we weren't really sure what it would be or what the accounting rules would be on that anyway at all, so I would think that that's a plus.

我們確實受益於，你知道的，新的醫療保險立法應該有助於減輕退休人員醫療保健的成本，這是一個優勢，因為我們設定了目標，因為我們真的不確定它會是什麼或會計規則是什麼無論如何都會在上面，所以我認為這是一個加號。

So there's probably that kind of upside to our cost target this year.

因此，我們今年的成本目標可能會有這種上行空間。

Great.

偉大的。

And it's disproportionate in North America, the cost?

這在北美是不成比例的，成本？

I would imagine so.

我會這樣想。

No, I wouldn't -- I would say the Medicare D is entirely in North America, and the rest of it is probably spread around.

不，我不會——我會說 Medicare D 完全在北美，其餘部分可能分佈在各地。

Okay.

好的。

I wouldn't say it's disproportionate in North America.

我不會說這在北美是不成比例的。

All of our activities are doing, I think, a fantastic job on cost performance.

我認為，我們所有的活動都在成本效益方面做得非常出色。

And our next question comes from Chris Ceraso with CSFB.

我們的下一個問題來自 CSFB 的 Chris Ceraso。

Please proceed.

請繼續。

Thanks.

謝謝。

Good morning.

早上好。

Hi.

你好。

Maybe if I could follow up and just ask you to reiterate, what exactly in terms of the income statement is the saving for Medicare D, and how much of that is a benefit to your tax rate as well?

也許如果我可以跟進並請您重申，從損益表的角度來看，Medicare D 的儲蓄到底有多少，其中有多少對您的稅率也有好處？

Well, I think it's about $250m, its benefit this year on the income statement.

好吧，我認為這大約是 2.5 億美元，它今年在損益表上的收益。

And the benefit to the tax rate because of that, because it's after-tax as well as pre-tax, is 35 percent of 250m.

由於它既是稅後又是稅前，因此對稅率的好處是 2.5 億的 35%。

And it's in kind of evenly by quarter.

而且它按季度均勻分佈。

So you're saying that your tax rate going forward, 29 percent, is the right level?

所以你是說你未來的稅率，29%，是正確的水平嗎？

Yeah, what I was saying is we had thought that, you know, and this was before we fully understood Medicare D, our tax rate would be around 32 percent.

是的，我的意思是我們認為，你知道，這是在我們完全理解 Medicare D 之前，我們的稅率約為 32%。

I think that's what I said on the last call.

我想這就是我在上次電話會議上所說的。

That goes down from 32 to 30 because of Medicare D, and then changes in state taxes and research credit account for the rest of it.

由於 Medicare D，這個數字從 32 下降到 30，然後州稅和研究信貸的變化佔了其餘部分。

So in the change in guidance, is it correct that you were -- at the $1.20 to $1.30, you didn't have anything baked in for Medicare, and now you've got 250m of improvement, and that's part of the increase to $1.50 to $1.60?

所以在指導的變化中，你是正確的嗎 - 在 1.20 美元到 1.30 美元之間，你沒有為 Medicare 準備任何東西，現在你有 2.5 億美元的改進，這是增加到 1.50 美元的一部分到 1.60 美元？

Yeah, it's a little confusing.

是的，這有點令人困惑。

What we're saying now is that the Medicare D should help our cost performance, but we're not saying that that flows through on the Automotive side; we're saying that's a contingency against the uncertainties in the economy or against, you know the tough nature of the competitive market that we're in now.

我們現在說的是 Medicare D 應該有助於我們的成本效益，但我們並不是說這會影響汽車方面；我們說這是針對經濟不確定性的應急措施，或者是針對我們現在所處的競爭市場的艱難性質。

What we are saying is that however the tax rate effect of the Medicare D affects the whole company, and so we're -- you know, we've taken our earnings guidance up by 30 cents.

我們所說的是，無論 Medicare D 的稅率影響如何影響整個公司，所以我們 - 你知道，我們已經將我們的收益指引提高了 30 美分。

About 24 cents of that or so is because of Financial Services, and about 6 cents of it is because of the change in tax rate, and about two-thirds of that is related to Medicare D. And for now, we're saying that the Automotive side, we think it's prudent for us to hold on to our target, around $1b, until we see one more quarter of results and see how the sell-down of the old models in the U.S. in the second quarter goes.

其中大約 24 美分左右是因為金融服務，大約 6 美分是因為稅率的變化，大約三分之二與 Medicare D 有關。現在，我們說在汽車方面，我們認為謹慎的做法是堅持我們的目標，大約 10 億美元，直到我們再看到四分之一的結果，看看第二季度美國舊車型的銷售情況如何。

And so at that time, I think we'll have an update on the Automotive side that I think it will be more meaningful.

因此，到那時，我認為我們將在汽車方面進行更新，我認為這將更有意義。

Could you just comment on the pricing environment in Europe?

您能否評論一下歐洲的定價環境？

I think you mentioned that you were sort of price -- net-price positive in Europe?

我想你提到過你在歐洲的價格 - 淨價格是積極的？

And most comments to date have been suggesting that net pricing in Europe is getting more difficult.

迄今為止，大多數評論都暗示歐洲的淨定價正變得越來越困難。

Yeah, I think that the single-biggest contributor, by far and away, has been the success of the new Focus C-Max.

是的，我認為到目前為止，最大的貢獻者是新 Focus C-Max 的成功。

And we've said all along that this is a segment that we wish we were in; we were late getting into.

我們一直都在說，這是我們希望進入的細分市場；我們遲到了。

It's a profitable and growing subsegment of you know, main-sized cars in Europe, and we got into it and really -- the car has done very, very well, and it's selling with a much, much lower level of discount.

這是一個盈利且不斷增長的細分市場，你知道，歐洲的主要尺寸汽車，我們進入了它並且真的 - 這輛車做得非常非常好，而且它的銷售折扣要低得多。

And that's really the single-biggest piece.

這真的是最大的一塊。

There's mix of countries and differences between fleet and retail that get into it sometimes that can cause some quarter-to-quarter variation, but the single-biggest piece of that is just the effect of the new Focus C-Max, and that's what we've said all along.

國家的混合以及機隊和零售之間的差異有時會導致一些季度到季度的變化，但其中最大的一塊就是新 Focus C-Max 的影響，這就是我們一直都在說

This is a product business.

這是產品業務。

It's a product-led recovery that this Company's embarked on, and when we have new products, that's going to help our market share, and it helps our net pricing [both][ph], and we're seeing a perfect example of that in the new Focus C-Max in Ford Europe.

這是該公司開始的以產品為導向的複蘇，當我們有新產品時，這將有助於我們的市場份額，它有助於我們的淨定價 [both][ph]，我們看到了一個完美的例子在福特歐洲的新款 Focus C-Max 中。

Great.

偉大的。

Thanks, Don.

謝謝，唐。

All right.

好的。

And the next question comes from Michael Bruynesteyn with Prudential Equity Group.

下一個問題來自 Prudential Equity Group 的 Michael Bruynesteyn。

Please proceed.

請繼續。

Yes, Don, could you elaborate a little bit on the Ford Credit results and how sustainable they are?

是的，唐，你能詳細說明一下福特信貸的結果以及它們的可持續性嗎？

It seems every time we hear from Ford Credit, they've under -- I guess under-predict what they're going to do and seem surprised.

似乎每次我們聽到福特信貸的消息時，他們都低估了——我猜他們低估了他們將要做什麼，而且似乎很驚訝。

Why are we surprised every time?

為什麼我們每次都感到驚訝？

Well, I think that we have been surprised by the improvement in the economy and the reduction in repossessions and bankruptcies.

好吧，我認為我們對經濟的改善以及收回和破產的減少感到驚訝。

I think that we surprised ourselves a little bit as well when we see how successful in its early days, but it has been successful, our strategy to focus on reducing the leasing mix and reducing our participation in the daily rental and being more thoughtful about our incentives, and that is having a positive effect on residual values.

當我們看到早期的成功時，我認為我們自己也有點驚訝，但它已經成功了，我們的戰略是專注於減少租賃組合，減少我們參與日常租賃，並更加考慮我們的激勵，這對剩餘價值有積極影響。

And that plays in on Ford Credit's business as well.

這對福特信貸的業務也有影響。

Now, I think that we'll see more good news in the Credit Company, and that's why we took the results up -- or we took our projection up by the bulk of the 30 cents that we did.

現在，我認為我們會在 Credit Company 看到更多好消息，這就是我們提高結果的原因——或者我們將我們的預測提高了 30 美分的大部分。

It's not going to continue forever, that's clear, and what I'd like to do is ask Dave Cosper to comment in more detail on that.

它不會永遠持續下去，這很清楚，我想做的是請 Dave Cosper 就此發表更詳細的評論。

Yes, thanks, Don.

是的，謝謝，唐。

The results were very strong in the first quarter.

第一季度的結果非常強勁。

We really saw improvements in the physicals in the business.

我們確實看到了業務實體的改善。

We'd been working on credit losses for some time, and we're not declaring victory on that, but we really did turn the corner.

一段時間以來，我們一直在努力解決信貸損失問題，我們並沒有宣布這方面的勝利，但我們確實扭轉了局面。

Year to year in the first quarter, we were about 200m down in credit losses, and that flows right through to the bottom line.

今年第一季度，我們的信貸損失減少了約 2 億美元，這直接影響了利潤。

And as Don mentioned, the stronger used car market has helped us substantially.

正如唐所說，更強勁的二手車市場對我們有很大幫助。

It's about a $300m improvement year to year in the lease business in the quarter, and that was a nice surprise for us and with strengthening of auction values.

本季度租賃業務同比增長約 3 億美元，這對我們來說是一個驚喜，而且拍賣價值也有所提高。

Now, that was something that we had been working toward making happen.

現在，這是我們一直在努力實現的事情。

I think it happened a little sooner and a little larger than we thought.

我認為它發生得比我們想像的要早一點，規模也大一點。

But it's certainly been a part of our plan ever since we put this revitalization plan together that we needed to get back in the car business and we needed to improve our residual values.

但自從我們將這個振興計劃放在一起以來，我們需要重新回到汽車業務並且需要提高我們的剩餘價值，這肯定是我們計劃的一部分。

That's fundamental [inaudible], and we're seeing the early payoff of that now.

這是基本的[聽不清]，我們現在看到了它的早期回報。

We're very happy with that.

我們對此非常滿意。

Are your residuals bouncing back more than the rest of the market?

您的殘差是否比市場其他部分反彈得更多？

Is that what you're seeing?

那是你看到的嗎？

Well, maybe a little bit.

好吧，也許有一點。

I mean the market in general is up, and you're going to see that with other people as well, but you know, on some of the vehicle lines, we're up $1,000 a unit from year-ago levels.

我的意思是整個市場都在上漲，你也會在其他人身上看到這一點，但你知道，在一些車輛系列上，我們比去年同期的水平上漲了 1,000 美元。

Great.

偉大的。

Now, that's not to say that they're always going to be up $1,000, you know, that every quarter will be this way, but it's a good sign.

現在，這並不是說他們總是會上漲 1,000 美元，你知道，每個季度都會這樣，但這是一個好兆頭。

Great.

偉大的。

And can you tell us what's going on in April so far in terms of sales?

你能告訴我們到目前為止 4 月份的銷售情況嗎？

Lloyd, do you want to comment on April?

Lloyd，你想對 April 發表評論嗎？

I would just say that it looks very much like the quarter -- how the first quarter ran.

我只想說它看起來非常像這個季度——第一季度的運行情況。

You know, the industry's probably going to be in the same range, and our share's going to be in about the same range.

你知道，這個行業可能會在同一個範圍內，我們的份額也會在大致相同的範圍內。

Okay, thank you.

好的謝謝。

Thanks, Mark.

謝謝，馬克。

Next question, please?

請問下一個問題？

The next question comes from [Vladmir Velkof][ph] with Freedom Capital.

下一個問題來自 Freedom Capital 的 [Vladmir Velkof][ph]。

Please proceed.

請繼續。

Hi.

你好。

Good morning.

早上好。

Good morning.

早上好。

I'd like to ask you, when you look at the volumes in North America, they're pretty much flat, yet you had a substantial increase in profits.

我想問你，當你看北美的銷量時，它們幾乎持平，但你的利潤卻有大幅增長。

I understand that revenue per unit is up but not to the extent that you showed [inaudible].

我知道每單位收入增加了，但沒有達到您顯示的 [聽不清] 的程度。

Can you elaborate on that, please?

你能詳細說明一下嗎？

Thanks.

謝謝。

Sure.

當然。

Well, as we said, the single-largest contributor to our improvement in profit in North America is cost performance.

好吧，正如我們所說，我們在北美提高利潤的最大貢獻者是性價比。

That's about just under half [inaudible].

這大約不到一半 [聽不清]。

And then the mix improved as well, and that's a large -- a large part of that is the new F-150, and then the option things on the SUVs that I mentioned earlier -- the Navigator, the Aviator, the Expedition, and then the option and the mix of the new F-150 itself.

然後混合也得到改善，這是很大的——其中很大一部分是新的 F-150，然後是我之前提到的 SUV 上的選項——Navigator、Aviator、Expedition 和然後是新 F-150 本身的選項和組合。

And then the net pricing was favorable.

然後淨定價是有利的。

And those three items account for almost all of the improvement in profit.

這三個項目幾乎佔了利潤增長的全部。

So despite the volumes being flat -- they're actually down a little bit -- profits were up.

因此，儘管銷量持平——實際上略有下降——但利潤卻上升了。

And how sustainable that is and where are we sort of in that trend?

這有多可持續，我們在這種趨勢中處於什麼位置？

Are we in the cusp of it?

我們正處於風口浪尖嗎？

Are we in the beginning of it, do you think or--?

我們是否處於開始階段，您認為還是——？

Well, again, I go back to what I was saying about the full year.

好吧，我再次回到我所說的全年。

Our guidance on a pretax profit was, I think -- go back -- 1.5 -- 1.5 to $1.7b.

我認為我們對稅前利潤的指導是 - 回去 - 1.5 - 1.5 至 $1.7b。

We think we'll do a little bit better than that.

我們認為我們會做得更好一點。

And we'll have some more clarity around that in three months.

我們將在三個月內對此有更多的了解。

As I mentioned, you know, there is a dealer stock increase that contributes to the profits, not on a year-over-year basis, but it's that dealer stock build is in both the first quarter of last year and the first quarter of this year, and we don't build dealer stocks every quarter.

正如我提到的，你知道，經銷商庫存增加對利潤有貢獻，但不是同比增長，而是去年第一季度和今年第一季度的經銷商庫存增加年，我們不會每個季度都建立經銷商庫存。

In the second quarter, dealer stocks will come down.

二季度，經銷商庫存將回落。

And I think that's really the piece that you need to think about, the sustainability.

我認為這真的是你需要考慮的部分，即可持續性。

In terms of the full year, I ask you to think of what we said that we're going to do a little bit better than our target of 1.5 to 1.7, and we'll update you on that in three months.

就全年而言，我請你想想我們所說的我們將比 1.5 到 1.7 的目標做得更好一點，我們會在三個月內向你通報最新情況。

Thank you.

謝謝你。

Next question, please?

請問下一個問題？

The next question comes from Scott Merlis with Thomas Weisel Partners.

下一個問題來自 Thomas Weisel Partners 的 Scott Merlis。

Please proceed.

請繼續。

Congratulations; great quarter.

恭喜；偉大的季度。

Does the increase in guidance also put upside pressure on your cash flow outlook?

指引的增加是否也會給您的現金流前景帶來上行壓力？

It looks like in the first quarter you had 3.2b in cash flow, and you combined the 2.3 with the 900m?

看起來在第一季度你有 3.2b 的現金流，你把 2.3 和 900m 結合起來了？

If you want to add those two together, right [inaudible].

如果您想將這兩者加在一起，對 [聽不清]。

So when you add the -- if you add the two together because Ford Motor Credit's dividend's kind of an annuity, it seems like cash flow from Automotive operations and Ford Motor Credit can begin to approach 4.5, 5b range even if you have higher capital spending in the second half of the year?

因此，當您添加 - 如果您將兩者加在一起，因為福特汽車信貸的股息是一種年金，那麼即使您有更高的資本支出，來自汽車業務和福特汽車信貸的現金流似乎也可以開始接近 4.5、5b 範圍下半年？

Well, we think that we'll have -- you know, as I said, I would think of our capital spending as around 7, and our depreciation around 6.

好吧，我們認為我們會 - 你知道，正如我所說，我認為我們的資本支出約為 7，而我們的折舊約為 6。

We'll hit our -- we're confident that we'll hit around $1b of pretax profit, so we're essentially saying that the $1.2b [inaudible] of operating cash flow -- and that excludes contributions to VEBAs and pensions, and it also excludes the dividend from the Credit Company -- will be right around that 1.2b.

我們將達到我們的 - 我們有信心我們將達到 10 億美元左右的稅前利潤，所以我們基本上是說 1.2 億美元的運營現金流 [聽不清] - 並且不包括對 VEBA 和養老金的貢獻，並且它還不包括來自信貸公司的股息——將在 1.2b 左右。

Now, if there's any upside to the profit, I think there would be corresponding upside on the cash flow.

現在，如果利潤有任何上升空間，我認為現金流量也會有相應的上升空間。

As far as your comment on the dividend from the credit company, I think that's right.

至於你對信貸公司的股息的評論，我認為是正確的。

That's the bulk of the guidance increase, so there will be some more cash coming in than there might otherwise have been, and, you know, we'll take that and use it as we see fit.

這是指導增長的大部分，因此會有比原本可能更多的現金流入，而且，你知道，我們會接受並在我們認為合適的時候使用它。

And in terms of the uses, do you see coming over the horizon a point where the excess cash is no longer needed for pension or to repurchase debt but can be used for value-enhancement purposes?

就用途而言，您是否看到未來不再需要多餘現金用於養老金或回購債務，而是可以用於增值目的？

Yeah, I don't think -- I think we're a long way from talking about those kinds of things.

是的，我不認為——我認為我們距離談論這些事情還有很長的路要走。

One of our goals is, you know, clearly in all elements of the business, back to basics.

我們的目標之一是，你知道，在業務的所有元素中，回到基礎。

And so we still need some work to strengthen our balance sheet.

因此，我們仍然需要做一些工作來加強我們的資產負債表。

That includes, from my point of view, all the things that you mentioned, except value enhancing.

從我的角度來看，這包括你提到的所有事情，除了增值。

Um-hmm.

嗯嗯。

And the last question would be slide 11.

最後一個問題是幻燈片 11。

Can you conceptually discuss the effects on profitability of slide 11?

你能從概念上討論幻燈片 11 對盈利能力的影響嗎？

Are you firing at all six quarters by the -- are all these actions major contributors to profits in the fourth quarter or the first quarter next year?

您是否在所有六個季度都開火 - 所有這些行動是否是第四季度或明年第一季度利潤的主要貢獻者？

Is there -- are you able to offset the higher new product costs in the F-150 launches?

有沒有——你能抵消 F-150 發布中更高的新產品成本嗎？

And how's progress on controlling the costs on the new Ford -- the other new products?

新福特——其他新產品的成本控制進展如何？

Well, let's take those one at a time.

好吧，讓我們一次拿走那些。

Clearly, the benefit of closing Edison -- you know, it's been since February 28, and we still have a few people to place, but by and large, that issue is behind us.

顯然，關閉 Edison 的好處——你知道，從 2 月 28 日開始，我們還有一些人需要安置，但總的來說，這個問題已經過去了。

In terms of Chicago, I think we balanced out of the Taurus Sable Friday, and we launch I think in August or so.

就芝加哥而言，我認為我們在星期五平衡了 Taurus Sable，我想我們會在八月左右推出。

And those cars will be in the dealer showrooms in sufficient volume sometime in the fourth quarter, so certainly by the first quarter next year, and I think to an extent, in the fourth quarter this year, they'll be a plus.

這些汽車將在第四季度的某個時候大量出現在經銷商展廳中，所以肯定會在明年第一季度出現，我認為在某種程度上，在今年第四季度，它們將是一個優勢。

Those cars are on target, on cost, and on timing, and all the indications are they'll have a very successful launch.

這些汽車在目標、成本和時間上都達到了目標，所有跡像都表明它們將非常成功地推出。

We'll close the Ontario truck plant and get out of the old F-150 and launch the Dearborn truck plant with the full range of the new F-150 in the second quarter.

我們將關閉安大略卡車工廠並淘汰舊的 F-150，並在第二季度推出配備全系列新 F-150 的迪爾伯恩卡車工廠。

And so we'll have that benefit going forward.

因此，我們將在未來受益。

We are on track to reduce the cost, so we said a couple of -- I think in December of last year we said that by the end of this calendar year, we would've taken out from the cost level of the first F-150 that we made in Norfolk to the last one we make at the end of this year about $1,000 of our product cost.

我們正朝著降低成本的方向發展，所以我們說了一些——我想去年 12 月我們說過，到本日曆年年底，我們會從第一個 F-我們在諾福克製造的 150 件到今年年底製造的最後一件產品成本約為 1,000 美元。

We're on track for that.

我們正朝著這個方向前進。

That comes in stages throughout the year.

這是全年分階段進行的。

Some of it came at the end of last year, some on January 1; a large part of it will come in July and August of this year.

有的是去年底，有的是1月1日；其中很大一部分將在今年 7 月和 8 月到來。

We're on track for that.

我們正朝著這個方向前進。

So that will flow through beginning, you know, really the whole year as far as the costs go -- the whole year progressively, I should say, and then we'll have, you know, a whole new plant of the new F-150 beginning in -- probably in the late in the third quarter, they'll be in in volume, and we'll have sold down most of the old F-150s.

所以這將貫穿一開始，你知道，就成本而言，實際上是一整年——我應該說，一整年都是漸進的，然後你知道，我們將擁有一個全新的 F-新工廠150 架開始 - 可能在第三季度末，它們將會大量湧入，我們將賣掉大部分舊的 F-150。

We'll balance out the Dearborn car plant, and when that occurs, there'll be a cost savings in large part because we'll be able to build the Mustangs in what's today open capacity at AAI.

我們將平衡迪爾伯恩汽車廠，當這種情況發生時，將節省大量成本，因為我們將能夠在 AAI 今天的開放產能中建造野馬。

And that'll begin late in the third quarter, and those cars will be in the showrooms probably in volume late in the fourth quarter.

這將在第三季度末開始，這些汽車可能會在第四季度末大量進入展廳。

So the [inaudible], I think, would probably be in the first quarter of next year.

所以我認為 [聽不清] 可能會在明年第一季度。

Is that helpful?

這有幫助嗎？

The next question comes from Steve Girsky with Morgan Stanley.

下一個問題來自摩根士丹利的 Steve Girsky。

Please proceed.

請繼續。

Good morning, everybody.

大家早上好。

Good morning, Steve.

早上好，史蒂夫。

Any FAS-133 issues, either at the Motor or the Credit Company?

汽車或信貸公司有任何 FAS-133 問題嗎？

Yes, there was a slight gain in the Motor Company related to FAS-133 at the Credit Company commodity side, and on the Credit Company side, fairly small numbers, $47m pre-tax.

是的，在信貸公司商品方面，與 FAS-133 相關的汽車公司略有收益，而在信貸公司方面，數量相當小，稅前 4700 萬美元。

And your Motor one was sort of in that range, also, Don?

你的 Motor 也在那個範圍內，Don？

A little bit more but not much more.

多一點但不多。

Okay, and the -- there are a couple balance sheet items.

好的，還有 - 有幾個資產負債表項目。

The other current assets was up a lot from year-end.

其他流動資產比年底增加了很多。

The payables were up a lot from Q4.

應付賬款比第四季度增加了很多。

Anything unusual going on there?

那裡有什麼不尋常的事嗎？

No, there's nothing going -- there's nothing -- I'm going to ask Patricia on the other current, but on the payables and the working capital in total, nothing unusual going on at all.

不，沒有任何進展——沒有任何進展——我要問帕特里夏另一個問題，但關於應付賬款和營運資金的總計，沒有任何異常發生。

They're up.

他們起來了。

Inventory was up, I know that, and that was up in part just because of the a seasonality of --

庫存增加了，我知道，部分原因是——

Right.

正確的。

-- end of last year.

——去年年底。

At the end of any year, we always do a good job of cleaning out so we can get all the units that have customer orders shipped off to the dealers.

每年年底，我們總是做好清理工作，這樣我們就可以把所有有客戶訂單的產品運到經銷商那裡。

And March 31 was a -- I think fell in the middle of the week, so we didn't do anything special there.

3 月 31 日是——我認為是在一周的中間，所以我們沒有在那裡做任何特別的事情。

That always happens in the first quarter, and inventories are also up because of FIN 46 and because of exchange, and I think it's about evenly split between those.

這總是發生在第一季度，庫存也因為 FIN 46 和交換而增加，我認為它們之間的平均分配。

As far as the payables go, there's been no change in payment terms, and that can really vary for a whole banner of reasons, you know, depending on what the production level was three weeks before the end of the quarter compared to what it was three weeks before the end of the next quarter, and if the payment date falls on the March 31 or April 1, it just is very hard to predict.

就應付賬款而言，付款條件沒有變化，而且由於各種原因，這確實會有所不同，你知道，這取決於與本季度末前三週的生產水平相比下一季度結束前三週，如果付款日期是在 3 月 31 日或 4 月 1 日，那就很難預測了。

It's a fairly normal amount of fluctuation in inventories and payables and nothing unusual there at all.

這是庫存和應付賬款的相當正常的波動量，根本沒有什麼不尋常的。

Don -- go ahead.

唐——繼續。

Do you have the other current?

你有其他電流嗎？

Yes.

是的。

On the other current, it relates to the way we book the cash collateral for our loan securities, which you can see is up about $4b.

另一方面，它與我們為貸款證券預訂現金抵押品的方式有關，您可以看到它上漲了約 4b 美元。

The offset to that amount is in the other payables, and you can see right below on the Automotive line it's also up substantially, so it's just a balance sheet [indiscernible].

該金額的抵消在其他應付款中，您可以在汽車行的正下方看到它也大幅增加，所以它只是一個資產負債表 [音頻不清晰]。

There's nothing going on beyond that.

除此之外沒有任何事情發生。

Right.

正確的。

And, Don, could you just -- I mean I don't want to harp on this, but usually auto company earnings vary with volume, and your earnings don't seem -- at least the last few quarters -- don't seem to vary with volume that much, or the correlation has sort of broken down a little bit here.

而且，唐，你能不能——我的意思是我不想在這個問題上喋喋不休，但通常汽車公司的收入會隨著銷量而變化，而你的收入似乎——至少在過去幾個季度——不會似乎隨交易量變化很大，或者相關性在這裡有點崩潰。

How should we think about that going forward?

我們應該如何考慮未來的發展？

Well, I think our profits over the long term clearly do vary with volume, and at any one -- from one quarter to another, there are a lot of moving parts in this business.

好吧，我認為我們的長期利潤顯然會隨著數量的變化而變化，而且在任何一個季度到另一個季度，這項業務中都有很多變動的部分。

And so you're just saying sort of in the fourth quarter, a lot of those moving parts didn't break your way; in the first quarter a lot more did break your way; and in the second quarter, some of them may not break your way again?

所以你只是說在第四節，很多那些移動的部分並沒有打斷你的路；在第一季度，確實有更多的東西打破了你的道路；而在第二季度，他們中的一些人可能不會再次打破你的方式？

Is that sort of how it works?

它是這樣運作的嗎？

I mean I think the single-biggest thing is a change in dealer stocks, and --

我的意思是，我認為最重要的事情是經銷商庫存的變化，而且——

But that happens every year.

但這種情況每年都會發生。

-- and the cost performance.

——以及性價比。

But as I mentioned, it's happening a little more --

但正如我提到的，它正在發生更多——

But how predictable is the cost performance?

但性價比的可預見性如何？

I mean in the last three months, the cost performance is just coming so much better?

我的意思是在過去三個月中，性價比剛剛好很多？

And do we have predictability three months out on this?

三個月後我們是否有可預測性？

I mean it seems like it should be more predictable than that.

我的意思是它似乎應該比這更可預測。

Well, I think Bill Ford said it pretty well when he was in earlier.

好吧，我認為比爾·福特早些時候在任時說得很好。

We have been trying since the start of this revitalization to under-promise and over-deliver, and we want to make sure that we deliver what we say that we will deliver.

自從這次振興活動開始以來，我們一直在努力做到承諾不足和交付過多，我們希望確保我們兌現我們所說的我們將交付的內容。

And I said there might be some upside on the cost, and I don't think we're going to get anywhere near the type of cost performance that we had last year, you know, because the quality related side of it is going to be sharply down, and we got most of the rest of that cost performance out of wringing costs out of manufacturing, engineering, and overheads, and I think we've got most of the low-hanging fruit there.

我說過成本可能會有一些上升空間，我認為我們不會接近去年的成本表現類型，你知道，因為與質量相關的方面將會大幅下降，我們從製造、工程和間接費用中榨取成本，獲得了其餘大部分成本績效，我認為我們已經在那裡獲得了大部分唾手可得的成果。

I think this year going forward, the cost performance will be relatively more predictable than it was last year.

我認為今年展望未來，性價比將比去年更具可預測性。

First quarter excluded, though?

不過，第一季度不包括在內？

I don't think we gave any guidance on the cost performance in the first quarter.

我認為我們沒有對第一季度的成本效益給出任何指導。

But you gave earnings guidance.

但是你給出了收益指導。

We gave earnings guidance, and it certainly exceeded our expectation.

我們給出了盈利指引，它肯定超出了我們的預期。

Okay.

好的。

All right, thanks.

好的，謝謝。

All right.

好的。

And the next question comes from John Casesa with Merrill Lynch.

下一個問題來自美林的 John Casesa。

Please proceed.

請繼續。

Thanks.

謝謝。

Lloyd, what are your expectations for revenue per unit for the balance of the year?

Lloyd，您對今年餘下時間的單位收入有何預期？

I mean can you maintain the level of performance?

我的意思是你能保持性能水平嗎？

And what are the sort of key factors in order of magnitude that would drive your revenue [inaudible] performance?

哪些關鍵因素會推動您的收入 [聽不清] 業績？

Let me talk a little bit about the revenue improvement last year.

讓我談談去年的收入改善情況。

We were up 934, as you could see on slide number nine.

正如您在第九張幻燈片中看到的那樣，我們上漲了 934。

About $240 of that was net price, 1.2 percent.

其中約 240 美元是淨價，佔 1.2%。

And the good news there is we were able to hold our retail incentives essentially flat year to year.

好消息是我們能夠將零售激勵措施逐年基本持平。

We were able to bank some of the normal pricing, and that was a very positive thing.

我們能夠將一些正常定價存入銀行，這是一件非常積極的事情。

Most of the rest of it was mix.

其餘大部分都是混合的。

As Don mentioned, the F-Series was a big piece of that, probably about $200.

正如 Don 所提到的，F 系列是其中的重要組成部分，大概 200 美元左右。

We had really strong sales of SUV.

我們的 SUV 銷量非常強勁。

We took down our daily rental volume.

我們減少了每日租金。

We also improved and have worked on the structure at Ford Credit.

我們還改進並致力於福特信貸的結構。

If you look at the percent of their business that has FICO scores of 620 and above, that's up and up double digits, and the percent that's below 620 is down.

如果你看一下他們的 FICO 分數為 620 及以上的業務的百分比，就會上升兩位數，而低於 620 的百分比則下降。

And that improves our revenue because it costs a lot more money to buy down, somebody that's a high credit risk.

這提高了我們的收入，因為買下來要花更多的錢，這是一個高信用風險的人。

And so we've been working on every area.

因此，我們一直在各個領域開展工作。

We've showed some constraint on Company vehicles, which is a low-margin business.

我們已經對公司車輛顯示出一些限制，這是一項低利潤業務。

Vehicles coming through Ford Motor Company are down 50 percent, so we've been working every aspect of that.

來自福特汽車公司的車輛下降了 50%，所以我們一直在努力解決這個問題的各個方面。

And I expect that to continue as we go through the year.

我希望這一年繼續下去。

Keep in mind, though, we've been up [inaudible].

不過請記住，我們一直在[聽不清]。

We were up 850 last year.

去年我們上漲了 850 美元。

We're up 950 this year.

我們今年上漲了 950。

We were up a little bit [inaudible] started our initiatives in the fourth quarter [inaudible].

我們在第四季度 [聽不清] 開始了一些舉措 [聽不清]。

Each piece will get more difficult to get.

每件作品都會變得更難獲得。

I think we will continue to see improvements, but I would expect the improvements to be smaller than what we've had the last couple of years.

我認為我們會繼續看到改進，但我預計這些改進會比我們過去幾年的改進要小。

I do believe there are still opportunities there.

我確實相信那裡仍然有機會。

A lot of the initiatives we take will continue and we will continue to see improvement going forward.

我們採取的許多舉措將繼續下去，我們將繼續看到進步。

The next question comes from Himanshu Patel with JP Morgan.

下一個問題來自 JP Morgan 的 Himanshu Patel。

Please proceed.

請繼續。

Hi, good morning.

早上好。

Two questions.

兩個問題。

First, back on this slide nine for the revenue improvement, could you just break down that 930 for the -- I know you said 240 or so was due to net price, but of that remaining 700 per car, how much of that was due to the deliberate backing away from fleet versus kind of genuine mix improvement within the retail business?

首先，回到關於收入改善的幻燈片 9，你能否將 930 分解為 - 我知道你說 240 左右是由於淨價，但在每輛車剩下的 700 中，有多少是由於淨價故意放棄車隊而不是零售業務中真正的組合改進？

We kind of consider all of that mix and I would say most of the balance is product mix.

我們考慮了所有這些組合，我想說大部分平衡是產品組合。

The only thing that was really down in revenue per unit was our sales on warranty parts because our warranty has been improving and so the parts piece was pretty flat, but it's essentially all mix.

唯一真正降低單位收入的是我們的保修零件銷售，因為我們的保修一直在改進，所以零件非常平坦，但基本上都是混合的。

I mean I can give you an idea of what causes that - full size pick-ups were up 14%.

我的意思是我可以告訴你是什麼原因造成的——全尺寸皮卡增加了 14%。

We've been up double-digit every month since we launched the new vehicle seven months ago; large cars we had a 5% increase;

自七個月前推出新車以來，我們每個月都以兩位數的速度增長；大型汽車增加了 5%；

Mustang a 16% increase;

野馬增加了 16%；

SUV sales 6% increase;

SUV銷量增長6%；

Econoline 6% increase.

經濟增長 6%。

As I mentioned, double-digit increases on cycle scores of 620 and above at Ford Credit.

正如我所提到的，福特信貸的 620 分及以上的周期分數呈兩位數增長。

We were down double-digits on daily rental, company cars as Don mentioned, lease volume was down, we were down double-digit on company business.

我們的日租金下降了兩位數，正如 Don 提到的公司汽車，租賃量下降，我們的公司業務下降了兩位數。

We were also down on small cars.

我們也看不起小型車。

When you mix all that out, that's a pretty significant improvement and that's on top of the improvement that we achieved a year ago in a lot of the same areas.

當您將所有這些混合在一起時，這是一個非常顯著的改進，而且這是我們一年前在許多相同領域取得的改進的基礎。

Okay.

好的。

Then getting back to Steve's earlier question on North America, I mean it looks like Q1 was 8% margin or something north of that on a pre-tax basis, and obviously some of that you are attributing to dealer stock but we would normally think Q2 as being the seasonally strong quarter for you guys and it wasn't last year - Q1 was again.

然後回到史蒂夫之前關於北美的問題，我的意思是看起來第一季度的利潤率在稅前基礎上是 8% 或更高，顯然您將其中一些歸因於經銷商庫存，但我們通常會認為第二季度對你們來說是季節性強勁的季度，而不是去年 - 第一季度又是。

Should we be thinking sequentially the same type of pattern as last year where you do see a sequential decline in margins in the second quarter?

我們是否應該按順序考慮與去年相同類型的模式，您確實看到第二季度的利潤率連續下降？

Yes, I would think that the pattern of assembly plant changeovers that we talked about for this year and last year, indicates that we will have a strong first quarter and then volumes are down.

是的，我認為我們今年和去年討論的裝配廠轉換模式表明我們將有一個強勁的第一季度，然後銷量下降。

Just if I could to go back to the question that Steve Girsky raised, I think what he was saying was why are your profits going up when your volume is not?

如果我能回到 Steve Girsky 提出的問題，我想他的意思是為什麼你的利潤在增加，而你的銷量卻沒有？

Well that's our whole goal.

這就是我們的全部目標。

Our whole objective is to improve our profit margin, that's what this revitalization plan is and I think what we're seeing is that that's working.

我們的整體目標是提高我們的利潤率，這就是這個振興計劃的目的，我認為我們看到的是它正在發揮作用。

What we're trying to do in some cases is substitute low margin vehicles out, the daily rental and the small trucks and so on, and replace them with new attractive desirable products that earn a higher margin.

在某些情況下，我們試圖做的是替代低利潤車輛、日租和小型卡車等，並用新的、有吸引力的、可賺取更高利潤的產品取而代之。

As we do that progressively and as we control our costs, we will see our operating margins improve and in the long trend, we should see profits improve without volumes improving.

隨著我們逐步做到這一點並控製成本，我們將看到我們的營業利潤率有所提高，並且在長期趨勢中，我們應該會看到利潤有所提高而銷量卻沒有提高。

Now what our goal is to try and have both and that's a harder thing to do and it's going to take some more time to get all the new products up, but that's what we really want to do and that's what we should be doing.

現在我們的目標是嘗試同時擁有兩者，這是一件更難做到的事情，需要更多時間才能推出所有新產品，但這是我們真正想做的，也是我們應該做的。

We want to improve our volume and our margin and sometimes we'll do one and sometimes we'll do the other and we hope to do both.

我們想提高我們的銷量和利潤率，有時我們會做一個，有時我們會做另一個，我們希望兩者都做。

Should we infer from that comment right there that at least North America specifically and most of the upside relative to what people - or what your previous guidance was, really stems from mix and costs you would kind of categorize as kind of in-line with what you would have normally expected during the quarter?

我們是否應該從那裡的評論中推斷出至少北美特別是相對於什麼人的大部分好處 - 或者你之前的指導是什麼，真的源於混合和成本你會歸類為與什麼一致您通常會在本季度預期？

I think costs were a little bit ahead of what we expected but not greatly, that's correct, but most of the improvement was on the revenue side.

我認為成本略高於我們的預期，但幅度不大，這是正確的，但大部分改進都在收入方面。

Costs were somewhat better, parts profits were a little bit better than we expected but the bulk of the improvement in North America compared with our expectation was on the revenue side.

成本有所好轉，零件利潤略高於我們的預期，但與我們的預期相比，北美的大部分改善都在收入方面。

Okay and then two small questions, do you have an FX impact on PAG for the quarter?

好的，然後是兩個小問題，您對本季度的 PAG 有外匯影響嗎？

Yes, we've shown that year-over-year the total FX effect was about $100m unfavorable and most of that was in PAG.

是的，我們已經表明，與去年同期相比，總的外匯影響約為 1 億美元的不利影響，其中大部分是在 PAG 中。

Okay.

好的。

A question for Dave.

戴夫的問題。

Do you have the book gains for off lease in the quarter versus a year ago as well?

您是否也有本季度與一年前相比的租賃收益賬面收益？

We don't break it out that way typically.

我們通常不會那樣打破它。

I can tell you - and I mentioned we're up $300m year-to-year, performance related, related to the option values and other improvements in that business.

我可以告訴你 - 我提到我們每年增加 3 億美元，與業績相關，與期權價值和該業務的其他改進有關。

Historically, we haven't made a ton of money in the leasing business in recent years and that's turning around.

從歷史上看，近年來我們在租賃業務上並沒有賺到很多錢，而且這種情況正在好轉。

All right, okay, thank you.

好的，好的，謝謝。

Operator, I think it's time that we now switch over and take some questions from the media.

接線員，我認為現在是我們切換並接受媒體提問的時候了。

Great.

偉大的。

Ladies and gentlemen from the media, please press the star, one now if you would like to ask a question.

來自媒體的女士們，先生們，如果您想提問，請按星星，現在一個。

While we're waiting for the media to queue up, I just want to remind everyone that the audio replay of this call will be available through next Wednesday, April 28.

在我們等待媒體排隊的同時，我只想提醒大家，本次電話會議的音頻重播將持續到 4 月 28 日下週三。

The dial-in numbers can be found in the call advisory that we issued back on April 8, and the replay is also available on the Ford website.

撥入號碼可以在我們 4 月 8 日發布的電話諮詢中找到，重播也可以在福特網站上找到。

Operator, are we ready with media queued up?

接線員，我們準備好媒體排隊了嗎？

Yes, the next question comes from Bill Koenig with Bloomberg News.

是的，下一個問題來自彭博新聞社的 Bill Koenig。

Please proceed.

請繼續。

Good morning.

早上好。

Hi Bill, how are you?

嗨，比爾，你好嗎？

Pretty good.

不錯。

Don, I just wanted to ask something that's - it's implicit in the forecast and the milestone and things, but I just wanted to get you to comment - while Automotive out-earned Ford Credit in this quarter, it looks like you're not expecting that for the full year and it's been something like since 2000 since that last happened.

唐，我只是想問一些事情——它隱含在預測和里程碑之類的事情中，但我只是想讓你發表評論——雖然汽車業在本季度的收入超過了福特信貸，但看起來你並不期待整整一年都是這樣，自從上次發生這種情況以來，自 2000 年以來一直如此。

Would that be fair to characterize it's not going to be that way for the full year?

將全年都不會這樣描述是否公平？

That certainly would be consistent with what I said earlier, that's correct.

這肯定和我剛才說的一致，沒錯。

Okay.

好的。

At this point, do you have any sort of sense as to when Automotive could out-earn Ford Credit on a full-year basis?

在這一點上，您是否知道汽車業務何時可以全年賺取福特信貸？

I think we probably don't want to talk too much about the forward years, but I think it's unlikely that - well let me put it this way, at the time of mid-decade when our target is $7b, at that time Automotive will be out-earning Financial Services.

我認為我們可能不想過多談論未來幾年，但我認為這不太可能 - 讓我這樣說吧，在我們的目標是 7b 美元的十年中期，當時汽車將創收金融服務。

Okay, all right.

好的，好的。

Thank you.

謝謝你。

The next question comes from Danny Hakim with New York Times.

下一個問題來自紐約時報的 Danny Hakim。

Please proceed.

請繼續。

Hi, how you doing?

嗨，你好嗎？

Hi Danny, how are you?

嗨，丹尼，你好嗎？

Good.

好的。

How much is the lower tax rate contributing to the new earnings guidance for the full-year?

較低的稅率對全年新收益指引的貢獻有多大？

About 6 cents of that 30 cents that's on the tax rate and the balances are Financial Services Group.

稅率和余額中的 30 美分中約有 6 美分屬於金融服務集團。

Gotcha.

知道了。

One more quick thing, what was the last time that Auto earnings beat Ford Credit?

一件更快速的事情，汽車收益最後一次超過福特信貸是什麼時候？

Was it 2000?

是2000年嗎？

I think it was the first quarter of 2000 calendar year.

我認為那是 2000 日曆年的第一季度。

Okay, thank you.

好的謝謝。

The next question comes from Jeremy Grant with Financial Times.

下一個問題來自金融時報的 Jeremy Grant。

Please proceed.

請繼續。

Good morning.

早上好。

Good morning Jeremy.

早上好，傑里米。

Just a question on PAG, you are saying that PAG is unlikely to meet its marker because of the weak dollar, what does that mean for the mid-decade target of having PAG contribute one-third of the total profit?

關於 PAG 的一個問題，您是說由於美元疲軟，PAG 不太可能達到其目標，這對於 PAG 貢獻總利潤的三分之一的中期目標意味著什麼？

I am assuming by profit you always meant Automotive profit.

我假設您所說的利潤總是指汽車利潤。

First of all, we said or I said that we thought there was a risk.

首先，我們說過或我說過我們認為存在風險。

That's a little different than unlikely, maybe not much but what we are really saying is that this is something -the currency exchange for now looks as if it will be unfavorable for us this year.

這與不太可能略有不同，也許差別不大，但我們真正要說的是——目前的貨幣兌換看起來今年對我們不利。

In the long-term, those kinds of things get corrected one way or another either by reducing your costs or by raising prices.

從長遠來看，這些事情會以一種或另一種方式得到糾正，要么降低成本，要么提高價格。

Thus far we haven't seen any indication that the general or the ambient level of pricing in the luxury end of the business here in the US is going up significantly.

到目前為止，我們還沒有看到任何跡象表明美國奢侈品行業的總體或環境定價水平正在顯著上漲。

I think over time, as our competitors' hedges roll off and time passes, that things may get better or we need to reduce our costs.

我認為隨著時間的推移，隨著我們競爭對手的對沖和時間的流逝，情況可能會好轉，或者我們需要降低成本。

So longer term is different than the short-term and in the short-term we are where we are and it looks as if it's a risk, so we were saying in the sense of full disclosure, that's an area that maybe there's a little risk and we can't count on being able to offset that much bad news of foreign exchange.

因此，長期與短期不同，在短期內，我們所處的位置看起來像是一種風險，所以我們在完全披露的意義上說，這是一個可能存在一點風險的領域我們不能指望能夠抵消那麼多的外匯壞消息。

I don't think it necessarily implies anything in the long-term about our ability to have those luxury brands deliver the kind of profitability that we saw at the start.

我認為從長遠來看，這並不一定意味著我們有能力讓這些奢侈品牌實現我們在開始時看到的那種盈利能力。

Okay.

好的。

Just a second question then, if the largest contributor to your North American profit was costs, are you going to be able to repeat that or are you going to have to rely on pricing in the second and third quarters to maintain that?

那麼第二個問題，如果北美利潤的最大貢獻者是成本，你是否能夠重複這一點，或者你將不得不依靠第二和第三季度的定價來維持這一點？

How's it going to pan out, because what that seems to say is that selling vehicles still isn't all that profitable?

結果會如何，因為這似乎表明銷售汽車仍然不是那麼有利可圖？

Well let me try and answer that one and sometimes it can get confusing.

好吧，讓我試著回答那個問題，有時它會讓人感到困惑。

What we've said was the largest contributor to the change in profit from last year to this year was cost.

我們所說的是，從去年到今年利潤變化的最大貢獻者是成本。

That's not to say that the largest contributor to profit in total is cost.

這並不是說總利潤的最大貢獻者是成本。

Like everything else in this world, it's a balance and we need to sell the right volumes with the right mix at a competitive cost with good quality to make profit.

就像這個世界上的其他事物一樣，這是一種平衡，我們需要以具有競爭力的成本和良好的質量以正確的組合銷售正確的數量才能獲利。

That's what our plan is, that's what we are trying to do.

這就是我們的計劃，這就是我們正在努力做的。

So I wouldn't think that we are overly dependant on cost.

所以我認為我們不會過度依賴成本。

It's certainly a part of our strategy.

這當然是我們戰略的一部分。

Overall, this is a product business and we need to be competitive with good, desirable products.

總的來說，這是一個產品業務，我們需要用好的、令人滿意的產品來競爭。

That's what we are trying to do and in the fourth quarter of this year we are going to have a whole lot of new ones out there and we have really high hopes for those.

這就是我們正在努力做的事情，在今年第四季度，我們將推出大量新產品，我們對這些產品寄予厚望。

That's really what drives this business in the long-term.

這才是真正推動這項業務長期發展的動力。

Right now, we're being tactically shrewd about revenue management and we're restructuring our business to get out of some of the areas of the business that frankly we over-relied on like daily rental and to fix our business ongoing and that's producing some short-term gains in revenue and of course, we're always managing our cost trying to align our capacity with our sales capability and so on.

現在，我們在收入管理方面在戰術上很精明，我們正在重組我們的業務，以擺脫坦率地說我們過度依賴的一些業務領域，比如日租，並修復我們正在進行的業務，這正在產生一些短期收入收益，當然，我們一直在管理成本，試圖使我們的產能與我們的銷售能力等保持一致。

So that's how I think about it.

這就是我的想法。

Okay, thank you.

好的謝謝。

The next question comes from Amy Wilson with Automotive News.

下一個問題來自汽車新聞的 Amy Wilson。

Please proceed.

請繼續。

Good morning.

早上好。

Morning Amy.

早上好，艾米。

I have a couple of questions.

我有一些問題。

First of all, I wondered how does the new earnings guidance change the total pre-tax profit milestone that you previously gave of $2.5b to $3.8b?

首先，我想知道新的收益指引如何將您之前給出的 2.5b 美元的稅前總利潤里程碑更改為 3.8b 美元？

Well I think that what we would really like to do is to just say that's the earnings guidance on an EPS basis.

好吧，我認為我們真正想做的就是說這是基於 EPS 的收益指導。

It's fairly straightforward, I think, with the taxes and the EPS.

我認為，稅收和 EPS 非常簡單。

It's going to be an improvement and it's going to be somewhere in the mid $4b range is where we'll be on a pre-tax basis.

這將是一個改進，它將處於 $4b 中間的某個位置，這是我們將在稅前基礎上的位置。

Okay and then I also wanted to ask about the net pricing.

好的，然後我還想問一下淨價。

It was 1.2% positive in the first quarter and you said that you may not be able to expect that to hold true for the rest of the year.

第一季度為 1.2%，您說您可能無法期望在今年餘下時間保持這種情況。

Do you think the number though will remain positive for each of the following three quarters during the year?

您認為這一年中接下來三個季度的每個季度的數字是否會保持正數？

I don't know if it'll remain positive for each of the quarters, but I do think that it'll be positive for the year.

我不知道每個季度是否會保持積極，但我確實認為今年會是積極的。

You may recall we said that in January, we thought given where we were and the strategies we had and the track record that we had, that we thought we could do better than the average.

你可能還記得我們在一月份說過，我們認為鑑於我們所處的位置以及我們擁有的戰略和我們擁有的業績記錄，我們認為我們可以做得比平均水平更好。

I indicated on, I think January 9 that we would do about a half a point better and I still think that's about right.

我表示，我認為 1 月 9 日我們會做得更好半個百分點，我仍然認為這是正確的。

It may vary by quarter and I think it's likely it'll be positive every quarter, but I don't know.

它可能因季度而異，我認為它可能每個季度都是積極的，但我不知道。

It could dip under in one of those quarters and we'll just have to see.

它可能會在其中一個季度下跌，我們只能拭目以待。

Okay, thank you.

好的謝謝。

The next question comes from Nori Shirouzu with Wall Street Journal.

下一個問題來自《華爾街日報》的 Nori Shirouzu。

Please proceed.

請繼續。

Good morning Don.

早上好，唐。

Morning Nori.

早上好，紫菜。

Can you talk a little bit more about the capacity utilization?

你能多談談產能利用率嗎？

It sounds like you're saying that improvement is basically coming in the balance of a year and beyond.

聽起來您是在說改進基本上會在一年及以後的時間裡出現。

Did you have any capacity utilization improvement in the first quarter?

您在第一季度有任何產能利用率改善嗎？

If so, can you quantify that?

如果是這樣，你能量化嗎？

Well I don't have those figures with me now.

好吧，我現在沒有那些數字。

I think our capacity utilization in North America, certainly improved when we closed the Edison plant and when we move the Mustang into Flat Rock, that'll improve that operation there certainly.

我認為我們在北美的產能利用率在我們關閉愛迪生工廠以及將 Mustang 移至 Flat Rock 時肯定會得到改善，這肯定會改善那裡的運營。

I think over time our capacity utilization is improving here and in Europe.

我認為隨著時間的推移，我們在這里和歐洲的產能利用率正在提高。

Certainly we took a shift off the passenger side in Genk in Belgium late last year that improved things.

當然，去年年底我們在比利時亨克的乘客側進行了輪班，這改善了情況。

So we're constantly trying to match our capacity with our sales and to do it in an efficient way with flexible manufacturing, so that we don't end up in the situation that we found ourselves a couple of years ago where we have pockets of excess capacity that we couldn't readily reduce.

因此，我們一直在努力使我們的產能與我們的銷售額相匹配，並通過靈活的製造以高效的方式做到這一點，這樣我們就不會陷入幾年前我們發現自己的口袋裡的情況。我們無法輕易減少的過剩產能。

We're working very hard to make sure that doesn't happen again.

我們正在非常努力地確保這種情況不會再次發生。

Thank you.

謝謝你。

The next question comes from Jamie Butters with Detroit Free Press.

下一個問題來自底特律自由報的傑米巴特斯。

Please proceed.

請繼續。

Good morning Don.

早上好，唐。

Hi Jamie.

嗨，傑米。

I have a question, the dilution factor looks much more extreme than it has in previous quarters, on the back of the envelope it looks like maybe 250m shares were - are those just options and can we expect that to sort of level off at about 250m or so, or would it keep growing?

我有一個問題，稀釋因子看起來比前幾個季度要極端得多，在信封的背面看起來可能有 2.5 億股——這些只是選項嗎，我們能否預計它會穩定在 2.5 億左右左右，還是會繼續增長？

That's a good question Jamie.

這是個好問題，傑米。

Actually it isn't the options so much.

實際上它不是那麼多的選擇。

What that is, is we have this $5b convertible preferred offering and that's really what takes us from $1.8b to $2.1b, it's about the 250m you mentioned.

也就是說，我們有這個 5b 美元的可轉換優先產品，這真的是我們從 1.8b 美元到 2.1b 美元的原因，大約是你提到的 2.5 億美元。

The accounting rules require us to restate our earnings on a proforma basis as just the convertible preferred issue conversion.

會計規則要求我們在備考基礎上將我們的收益重述為可轉換優先股轉換。

That is to say, we would stop paying the preferred dividend, and we would have a larger number of shares.

也就是說，我們將停止支付優先股，我們將擁有更多的股份。

So we make that calculation, as do all companies under US GAAP and we show it that way.

所以我們進行了計算，就像美國公認會計原則下的所有公司一樣，我們以這種方式顯示。

It really has a lot less to do with stock options than it has to do with the convertible preferred offering.

它與股票期權的關係實際上比與可轉換優先股的關係要小得多。

So will that factor, that 250m or so, probably stay about the same, or does it vary with the price of the stock?

那麼這個因素，即 250m 左右，可能會保持不變，還是會隨著股票價格而變化？

It should stay about the same going forward, assuming our earnings guidance, I think we'll see that fully diluted level every quarter this year.

假設我們的收益指引，它應該保持大致相同，我認為我們今年每個季度都會看到完全攤薄的水平。

Okay.

好的。

Thanks.

謝謝。

The next question comes from Sharon Carty with Dow Jones.

下一個問題來自道瓊斯的 Sharon Carty。

Please proceed.

請繼續。

Hi, good morning guys.

嗨，早上好伙計們。

Hi.

你好。

I know your strategy is to under-promise and over-deliver on the earnings side, but do you worry at all that you're going to risk losing some credibility with Wall Street by beating your numbers by so much?

我知道你的策略是在收益方面承諾不足和超額交付，但你是否擔心你會因超出業績如此之多而失去華爾街的信譽？

No, I don't because I think that that can happen.

不，我沒有，因為我認為那會發生。

I mean clearly that happened in the first quarter and I think there's a lot less risk around the full-year.

我的意思很清楚，這發生在第一季度，我認為全年的風險要小得多。

I think we'll edge a lot closer to the number.

我認為我們會更接近這個數字。

I think the full-year number - we've gotten a lot closer to it now with this update and I think we'll be in a much better view to see where we really are going to come out for the full-year this time in July.

我認為全年數字 - 我們現在通過這次更新更接近它，我認為我們會更好地了解這次我們全年真正要出現的地方在七月。

I think it's entirely too early to go out and say we're going to take the first quarter results and extrapolate from that.

我認為現在說我們將取得第一季度的業績並據此進行推斷還為時過早。

I think that would be wrong and I am I guess willing to take that risk because I think in the full-year we have the right earnings guidance and the right approach to that.

我認為那是錯誤的，我想我願意冒這個風險，因為我認為在全年我們有正確的盈利指導和正確的方法。

Thank you.

謝謝你。

The next question comes from John Stole (ph) with Wards Communication.

下一個問題來自 Wards Communication 的 John Stole (ph)。

Please proceed.

請繼續。

That C-Max was a big factor in the strong performance in Europe.

C-Max 是歐洲表現強勁的一個重要因素。

Do you feel like that can continue to sustain you for the next couple of quarters until even more product comes in that sector?

您是否覺得在接下來的幾個季度中可以繼續支持您，直到該領域有更多產品出現？

Well I think we have to think about a couple of things.

好吧，我認為我們必須考慮幾件事。

First off, we made a little money in Ford Europe in the first quarter and we're really happy for ourselves and I think it's a real pat on the back for the team in Europe, who really worked hard and frankly in the last six-months we've been profitable two quarters in a row in Europe.

首先，我們在第一季度在福特歐洲賺了一點錢，我們真的為自己感到高興，我認為這對歐洲團隊來說是一種真正的表揚，他們在過去六年中非常努力和坦率地工作 -幾個月來，我們在歐洲連續兩個季度盈利。

In the first quarter the profits were just in the black despite a dealer stock reduction.

儘管經銷商庫存減少，但第一季度利潤仍處於盈利狀態。

I think there are a lot of good things going on in Europe.

我認為歐洲正在發生很多美好的事情。

From the standpoint of explaining net pricing and market share, the C-Max is a big contributor.

從解釋淨定價和市場份額的角度來看，C-Max 功不可沒。

In terms of the overall profits, the restructuring that we took last year is also a big contributor.

就整體利潤而言，我們去年進行的重組也是一個很大的貢獻者。

So we have good performance on the fixed cost side, we have a terrific process in place in Europe to reduce our material costs and our product costs, that's in there as well.

所以我們在固定成本方面有很好的表現，我們在歐洲有一個很棒的流程來降低我們的材料成本和我們的產品成本，也在那裡。

We have the new Focus C-Max as we said and later in the year, we'll have the all-new Focus and then down the road next year and the year after, we have more new products coming in the pipeline.

正如我們所說，我們擁有新的 Focus C-Max，今年晚些時候，我們將擁有全新的 Focus，然後在明年和後年，我們將推出更多新產品。

So the Focus C-Max, I wouldn't say it's going to sustain, it's certainly a key enabler to lifting our game in Europe, but it's not the only piece in the puzzle by any means.

所以 Focus C-Max，我不會說它會持續下去，它肯定是提升我們在歐洲遊戲的關鍵推動力，但無論如何它都不是拼圖中唯一的一塊。

And then in the US, you said that there was a very positive performance especially against other competitors in the incentive game, do you see incentives - I mean traditionally they would increase over the summer, are you going to be able to maintain the sort of down-spending that you've shown in the first quarter?

然後在美國，你說在激勵遊戲中有非常積極的表現，特別是與其他競爭對手相比，你看到激勵了嗎？我的意思是傳統上它們會在夏季增加，你是否能夠保持這種您在第一季度顯示的支出減少了嗎？

Well time will tell.

好吧，時間會證明一切。

That's a part of the uncertainty that I feel and I assume everyone feels, that we just don't know what will happen.

這是我所感受到的不確定性的一部分，我想每個人都會感受到，我們只是不知道會發生什麼。

The industry level of dealer inventory is high and this is the time of the year when incentives increase, it happens every year, it's a seasonal thing.

經銷商庫存的行業水平很高，這是一年中激勵增加的時間，每年都會發生，這是一個季節性的事情。

Whether we can sustain the excellent performance that we've had at that level, I don't know.

我不知道我們是否能保持我們在那個水平上的出色表現。

I am confident that we will sustain an advantage, whether it's a diminishing advantage or an advantage at that level remains to be seen and that's the reason for our uncertainty frankly on the earnings guidance.

我相信我們將保持優勢，無論是優勢減弱還是在該水平上的優勢仍有待觀察，這就是我們坦率地對收益指引不確定的原因。

We just like to get a little bit more wheelbase behind us before we make another call.

在我們再次打電話之前，我們只是想在我們身後多一點軸距。

Can you point to why it was so encouraging in the first quarter, the incentive spending?

你能指出為什麼第一季度激勵支出如此令人鼓舞嗎？

I'm going to ask Lloyd to comment on that.

我要請 Lloyd 對此發表評論。

We have a very disciplined and targeted approach on incentives.

我們在激勵方面有非常嚴格和有針對性的方法。

We've had that for a long time now.

我們已經有很長時間了。

If you look at outside groups like AutoData who track incentives, we have run consistently under the competition for several quarters, so that's not really new.

如果你看看像 AutoData 這樣追踪激勵措施的外部團體，我們在幾個季度的競爭中一直處於領先地位，所以這並不是什麼新鮮事。

We believe we have processes in place and disciplines and a culture that makes good decisions that are consistent with meeting customer expectations as well as the long-term structure of the business.

我們相信我們擁有適當的流程和紀律以及一種文化，可以做出符合客戶期望和長期業務結構的良好決策。

I would say with respect to going - kind of two trends are occurring out there.

我想說的是 - 那裡正在發生兩種趨勢。

One is, we have been encouraged that incentives have kind of flattened out the last few quarters in the industry, but when you look at the way the incentives seasonally run through the year we always balance out our old models and that's true for us and the other manufacturers.

一個是，我們感到鼓舞的是，激勵措施在過去幾個季度在行業中已經趨於平緩，但是當你看看激勵措施在一年中的季節性運行方式時，我們總是會平衡我們的舊模型，這對我們和其他製造商。

In the summer months, it gets a little bit earlier every year and so this second quarter marketing cost in terms of the way they are accrued in our income statement is always a bigger number than than the other quarters.

在夏季的幾個月裡，它每年都會提早一點，因此就我們的損益表中的應計方式而言，第二季度的營銷成本總是比其他季度要多。

I would hope that we could - like we did this quarter keep it relatively flat with a year ago, but there is a seasonal effect and that's one of the reasons that our profitability as you go from the first quarter to the second quarter typically comes down a little bit because of that seasonal effect and I think you'll see that with virtually any of the manufacturers out there.

我希望我們能夠 - 就像我們本季度所做的那樣，與一年前保持相對平穩，但存在季節性影響，這就是我們從第一季度到第二季度的盈利能力通常會下降的原因之一有一點是因為季節性影響，我想你會在幾乎所有的製造商身上看到這一點。

Thank you.

謝謝你。

The next question comes from James McIntosh with Financial Times.

下一個問題來自金融時報的 James McIntosh。

Please proceed.

請繼續。

Hi Don, I wanted to ask about pricing as well actually.

嗨唐，實際上我也想問一下定價。

I just noticed on your planning assumptions you didn't include a forecast for industry net pricing anymore for the year and I wondered if this was because you weren't changing the previous one or if you were [inaudible] it?

我只是注意到你的計劃假設你沒有再包括今年的行業淨定價預測，我想知道這是因為你沒有改變以前的預測還是 [聽不清]？

No, that's because we don't really see any change in the industry pricing.

不，那是因為我們沒有真正看到行業定價有任何變化。

As I have said we have seen overall industry pricing levels are down in the US, as recorded by the Bureau of Labor Statistics.

正如我所說，我們已經看到美國的整體行業定價水平下降，正如勞工統計局所記錄的那樣。

We expect that to be down this year as well.

我們預計今年也會下降。

Our planning assumption had been that the pricing pressure would mitigate to an extent that perhaps going from last year when maybe it was a negative 1.5% or something around that range, to negative 0.5% and that we would do better than that such that our price was about half a point positive.

我們的計劃假設是，定價壓力會減輕到一定程度，可能會從去年的負 1.5% 或大約該範圍內下降到負 0.5%，並且我們會做得更好，這樣我們的價格大約有半個百分點是積極的。

Really nothing has changed on that.

真的沒有任何改變。

Okay.

好的。

And Europe -- obviously, you are doing well because of C-Max.

而歐洲——顯然，由於 C-Max，您做得很好。

And do you still see overall the industry down as well?

你是否仍然認為整個行業也在下滑？

That's a tough one to call too and there's an added complication of exchange rates there.

這也很難說，而且那裡的匯率更加複雜。

I still am optimistic that we'll come in slightly favorable.

我仍然樂觀地認為我們會稍微有利。

I don't think it'll be anywhere near the levels that we achieved in the first quarter because this is the first quarter we had the C-Max and it's a fantastic product, but it isn't going to sell like that forever.

我不認為它會接近我們在第一季度達到的水平，因為這是我們擁有 C-Max 的第一季度，它是一個很棒的產品，但它不會永遠這樣銷售。

So we just have to make plans and try and accommodate the fact that it can't carry the whole load every quarter and so that's why we have cost reductions and restructuring, fixed cost reductions and so on.

因此，我們只需要製定計劃並嘗試適應這樣一個事實，即它不能每季度承擔全部負荷，這就是為什麼我們要削減成本和重組、削減固定成本等等。

I think the pricing environment in both the US and in Europe will remain tough and we are committed to hit the numbers that we laid out, that are on our track to get us to mid-decade and when we get a little bit more wheel base, as I said, and we're confident that we can achieve what we've said, then we'll adjust our guidance.

我認為美國和歐洲的定價環境將依然嚴峻，我們致力於達到我們設定的數字，這些數字正走在我們進入十年中期的軌道上，當我們獲得更多的軸距時，正如我所說，我們有信心能夠實現我們所說的，然後我們將調整我們的指導。

Okay thanks.

好的謝謝。

Operator, we probably have time for just one more quick question.

接線員，我們可能還有時間再回答一個快速問題。

Are there any more media in the queue?

隊列中是否還有更多媒體？

There are no more media questions at this time Miss Gasper.

加斯帕小姐此時沒有更多的媒體提問。

Okay.

好的。

In closing, Don, do you have some comments, further comments?

最後，唐，你有什麼意見，進一步的意見嗎？

No, I think I will just try and summarize by saying we had a great first quarter and we're very happy with it.

不，我想我只是試著總結一下，我們第一季度表現出色，我們對此感到非常滿意。

We're pleased to be able to take up the guidance on the Financial Services side, that's the third straight record quarter I think for the Credit Company and we couldn't be happier there as well.

我們很高興能夠接受金融服務方面的指導，我認為這是 Credit Company 連續第三個創紀錄的季度，我們在那裡也感到非常高興。

It is a tough environment out there.

這是一個艱難的環境。

A lot of uncertainty in the economy and it's a very, very competitive market both here and in Europe.

經濟存在很多不確定性，無論是在這裡還是在歐洲，這都是一個非常非常有競爭力的市場。

There may be some upside for us, but right now I'd just ask everyone to think about our track record and we are going to deliver the numbers and we are going to get to our mid-decade goals.

我們可能有一些優勢，但現在我只想請大家考慮一下我們的業績記錄，我們將提供這些數字，我們將實現我們的十年中期目標。

Thanks a lot for your time this morning.

非常感謝你今天早上的時間。

Ladies and gentlemen thank you again for joining us.

女士們，先生們，再次感謝你們加入我們。

If you have any additional questions, please feel free to call either Investor Relations or Public Affairs.

如果您有任何其他問題，請隨時致電投資者關係部或公共事務部。

Ladies and gentlemen this concludes your Ford Motor Company First Quarter Earnings Conference Call.

女士們，先生們，你們的福特汽車公司第一季度收益電話會議到此結束。

Thank you for your participation today.

感謝您今天的參與。

You may now disconnect.

您現在可以斷開連接。