FORD POSTS FULL YEAR PROFIT FOR 2009; FOURTH QUARTER 2009
NET INCOME OF $868 MILLION; PLANS TO BE PROFITABLE IN 2010
+?
Full year net income of $2.7 billion, or 86 cents per share, a $17.5 billion improvement from a year ago.Pre-tax operating profits of $454 million, a $7.3 billion improvement from a year ago
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Fourth quarter net income of $868 million, or 25 cents per share, a $6.8 billion improvement from a year ago.Pre-tax operating profits of $1.8 billion, a $5.5 billion improvement from a year ago
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Ford North America fourth quarter pre-tax operating profits of $707 million, a $2.6 billion improvement from ayear ago
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Reduced Automotive structural costs by $500 million compared with the fourth quarter 2008, bringing the total2009 reduction to $5.1 billion, exceeding the target of about $4 billion
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Strong products drove full year market share gains in North America, South America and Europe as well ascontinued improvements in transaction prices and margins
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Ended the year with $25.5 billion of Automotive gross cash and $34.3 billion in Automotive debt?
Achieved positive Automotive operating-related cash flow of $3.1 billion for the fourth quarter. Full yearAutomotive operating-related cash outflow was $300 million, a $19.2 billion improvement over 2008
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Ford Credit fourth quarter pre-tax operating profits of $696 million, a $1.1 billion improvement from a year ago?
For full year 2010, Ford plans to be profitable on a pre-tax basis excluding special items, for North America, totalAutomotive and total company, with positive Automotive operating-related cash flow, based on its assumptions
Financial Results Summary* Fourth Quarter Full Year
2008 2009 O/(U) 2008 2008 2009 O/(U) 2008
Wholesales (000)
+ 1,139 1,440 301 5,407 4,817 (590)Revenue (Bils.)
+ $ 29.0 $ 35.4 $ 6.4 $ 138.1 $ 118.3 $ (19.8)Operating Results
+Automotive sector (Mils.) $ (3,339) $ 1,070 $ 4,409 $ (6,355) $ (1,423) $ 4,932
Financial Services sector (Mils.) (384) 683 1,067 (495) 1,877 2,372
Pre-Tax Results (Mils.) $ (3,723) $ 1,753 $ 5,476 $ (6,850) $ 454 $ 7,304
After-Tax Results (Mils.)
+++ $ (3,333) $ 1,565 $ 4,898 $ (7,271) $ 8 $ 7,279Earnings Per Share
+++ $ (1.40) $ 0.43 $ 1.83 $ (3.20) $ 0.00 $ 3.20Special Items Pre-Tax (Mils.) $ (1,429) $ (711) $ 718 $ (7,648) $ 2,554 $ 10,202
Net Income/(Loss) Attributable to Ford
After-Tax Results (Mils.) $ (5,978) $ 868 $ 6,846 $ (14,766) $ 2,699 $ 17,465
Earnings Per Share $ (2.51) $ 0.25 $ 2.76 $ (6.50) $ 0.86 $ 7.36
Automotive Gross Cash (Bils.)
+ $ 13.4 $ 25.5 $ 12.1 $ 13.4 $ 25.5 $ 12.1*See end notes on page 10.
DEARBORN, Mich., Jan. 28, 2010 - Ford Motor Company [NYSE: F] today reported a full year 2009 pre-tax
operating profit, excluding special items, of $454 million, a $7.3 billion improvement over a year ago.
The company said it now expects to be profitable for full year 2010 on a pre-tax basis excluding special items,
for North America, total Automotive and total company, with positive Automotive operating-related cash flow.
Ford Tops Toyota in Latest Quality Study
By Robert Musial
DEARBORN, July 21, 2009 -- Ford has edged past industry leader Toyota in initial quality in the U.S.
for the first time ever, according to the latest Ford quality study.
For the first time in the 28-year history of the Global Quality Research System (GQRS) study,
customer satisfaction with Ford, Lincoln and Mercury vehicles has reached its highest level in North
America - and now equals Toyota.
Ford, Lincoln and Mercury vehicles also had the lowest number of defects of any full-line manufacturer
with a "things gone wrong" (TGW) score of 1,185.
That bested Toyota's TGW score of 1,215 - though the two automakers would be considered in a
statistical tie. In third place was Honda with 1,291.
The higher the number, the more problems registered per 1,000 vehicles during the first three
months of ownership.
The results show that customers are noticing Ford's focus on quality and customer satisfaction from
design through manufacturing, said Mark Fields, president, The Americas.
"This is a major milestone, but we are not satisfied," he said. "For Ford, our plan is continuous
improvement year after year."
The GQRS and owners' satisfaction with their vehicle's overall quality figures were compiled by the
RDA Group of Bloomfield Hills, Mich.
In the study, owners are asked to report defects or issues with the new vehicles as well as to rate
their satisfaction with vehicle quality on a 1-10 scale across an array of vehicle systems and features.
Two Ford products, the F-150 and the Flex, also were judged the top vehicles in their market
segments.
By comparison, Ford's combined TGW average was 1,319 in the 2008 GQRS.
Bennie Fowler, group vice president, Quality, called the latest results "historic news."
"We've been tied with Toyota before, but it sure feels better to be on the top," said Fowler.
Such progress, he said, is a result of Ford's union partners and the work of dedicated teams in
product development, purchasing, manufacturing, marketing, sales and service and other areas.
"Quality is truly a team effort," said Fowler.