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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CONSUMER CYCLICALS
- Ford reports 2Q24 results on Wednesday.
- 1Q results were positive with a strong EBITDA beat and upgraded FCF guidance. EBIT guidance was maintained.
- FY24 EBIT consensus has risen around 10% since, now at $11.4bn vs $10-12bn guidance.
- Ford is well positioned in the short term at least with a heavy tilt to the US and relatively small EV exposure. Guidance assumptions seem reasonably conservative and achievable in our view, despite sector headwinds.
- Spreads have performed largely in line with the sector over the past 3 months having compressed significantly in the rally from November to April. We see room for further compression, nonetheless.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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