Earnings didn't sound too bad on the suface, however, the Argo accounting helped improve the story.
How did Hackett spin the results?
Are people feeling better given the decent cash reserve??
10 replies (most recent on top)
@2gib+16ekqo5C Isn’t it embarrassing to work for a 100 year old company that never learns from its past mistakes?
I can’t help but imagine what an incredible company Ford could be if it would just fix its toxic culture and poor management (too much of a stretch to say leadership at this point). The current regime will not address the problems. I remember one Q&A session long ago when Bill Ford said it drove him nuts that ideas and talent were squashed by the bureaucrats, and that people never told him the truth,,,, he shook his head and said he wished he knew how to fix that. I was 32 at the time and thought WTF, just fire the toadies and bureaucrats and promote the people who are purely about ideas, work and talent. 25 years later and the same situation exists the toadies, bureaucrats and their followers are still in large and in charge and the talent is suppressed and later shown the door. SMH glad I am retiring.
It will take a long time to pay off dept with tiny profit margins. That probably is no longer a realistic goal. I hope interest rates, cost of borrowing doesn't get too bad.
What would pin Ford to the mat IMO would be Ford bring unable to match incentives during a down turn without losing money. To me that is the real risk to the company.
Back to Ten has been another one of those elusive buzz phrases @ Ford.
This is where the GM has them pinned to the mat.
What's different this time are profit margins are less than half what they used to be. Now I believe the F150 is the only profitable vehicle line. Those numbers are in good times pre-pandemic.
What happened to the "Back to Ten" profit margin initiative?
@tce - all the points you stated are applicable to any past downturns at Ford. Same script/pattern.
Yet - somehow the company hangs in there??
House of cards - at best. Only a matter of time before the hour glass is empty.
@tce+16ekqo5C ...You hit the nail on the head on all points. What is going on internally is insane and makes no business sense. The endless hiring and promotion of people that literally have no idea of what they are doing because they have no experience. Meanwhile those left with experience and desperately rowing the ship while these newbies and hoards of management sit on the 'Lido deck' sipping c—tails and feeding each others egos.
Thinking they can smoosh Wall Street. Comical.
@tce; Amazing isn’t it?? I’ve given up hope in this senseless organization. Just a total joke....
Still feeling very uneasy. Feel like senior management is just pumping sunshine. Not seeing concrete actions. Creative accounting to disguise financial state. Calling borrowed money cash on hand is scary. I know senior management is trying to keep people from jumping ship by pumping sunshine, but heck we are all adults have a little faith In us and tell the unvarnished truth.
I do not understand why staff reductions have not occurred.
I do not understand why 401k matching was not suspended.
I do not understand why we continue to hire people when the existing people are not working anywhere near a full 40 hour week.
I do not understand why senseless promotions and reorganizations continue.
I do not understand why management layers continue to increase when we all know half of the management bands should be eliminated.
I do not understand why money is being spent on building remodels in particular the train station.
This company acts like nothing is amiss.