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Media: |
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Bill Collins |
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Investment Community: |
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Larry Heck |
Dave Dickenson |
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FORD POSTS THIRD QUARTER 2009 NET INCOME OF $1 BILLION;
CASH FLOW TURNS POSITIVE; NORTH AMERICA PROFITABLE+
- Reported net income of $997 million, or 29 cents per share, an improvement of $1.2 billion from the third quarter of 2008. Pre-tax operating profit totaled $1.1 billion, an improvement of $3.9 billion from a year ago. It is Ford’s first pre-tax operating profit since the first quarter of 2008
- Ford North America posted a pre-tax operating profit of $357 million, its first profitable quarter since the first quarter of 2005
- Reduced Automotive structural costs by $1 billion, bringing the total reduction to $4.6 billion through the first nine months of 2009, and exceeding the full-year target of $4 billion
- A strong product lineup drove market share gains in North America, South America and Europe as well as continued improvements in transaction prices and margins
- Ended the quarter with $23.8 billion of Automotive gross cash, up $2.8 billion from the end of second quarter 2009++
- Achieved positive Automotive operating-related cash flow of $1.3 billion for the third quarter, a $2.3 billion improvement over the second quarter
- Ford Credit reported a pre-tax operating profit of $677 million, a $516 million improvement from a year ago
- Ford now expects to be solidly profitable in 2011, excluding special items, with positive operating-related cash flow
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Financial Results Summary |
Third Quarter |
First Nine Months |
||
|
2009 |
O/(U) 2008 |
2009 |
O/(U) 2008 |
|
|
Wholesales (000)+ |
1,232 |
57 |
3,377 |
(891) |
|
Revenue (Bils.) + |
$ 30.9 |
$ (0.8) |
$ 82.9 |
$ (26.2) |
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Operating Results + |
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Automotive Results (Mils.) |
$ 446 |
$ 3,385 |
$ (2,493) |
$ 523 |
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Financial Services (Mils.) |
661 |
502 |
1,194 |
1,305 |
|
Pre-Tax Results (Mils.) |
$ 1,107 |
$ 3,887 |
$ (1,299) |
$ 1,828 |
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After-Tax Results (Mils.)+++ |
$ 873 |
$ 3,882 |
$ (1,557) |
$ 2,381 |
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Earnings Per Share +++ |
$ 0.26 |
$ 1.58 |
$ (0.54) |
$ 1.22 |
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Special Items Pre-Tax (Mils.) |
$ 108 |
$ (2,099) |
$ 3,265 |
$ 9,484 |
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Net Income/(Loss) Attributable to Ford |
||||
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After-Tax Results (Mils.) |
$ 997 |
$ 1,158 |
$ 1,831 |
$ 10,619 |
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Earnings Per Share |
$ 0.29 |
$ 0.36 |
$ 0.61 |
$ 4.55 |
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Automotive Gross Cash (Bils.) ++ |
$ 23.8 |
$ 4.9 |
$ 23.8 |
$ 4.9 |
http://www.rns-pdf.londonstockexchange.com/rns/7785B_1-2009-11-2.pdf
This information is provided by RNS