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FOR IMMEDIATE RELEASE
FORD REPORTS 2010 FULL YEAR NET INCOME OF $6.6 BILLION;
FOURTH QUARTER NET INCOME OF $190 MILLION+
· Full year net income was $6.6 billion, or $1.66 per share, a $3.8 billion increase from a year ago. Pre-tax operating profit was $8.3 billion, an increase of $8.3 billion from a year ago.
· Fourth quarter net income was $190 million, or 5 cents per share, a decrease of $696 million from a year ago. Net income was negatively impacted by a previously disclosed $960 million charge for completion of debt conversion offers in the quarter that reduced outstanding Automotive debt by over $1.9 billion.
· Fourth quarter pre-tax operating profit was $1.3 billion, or 30 cents per share, a decrease of $322 million from a year ago. Ford now has posted a pre-tax operating profit for six consecutive quarters.
· Automotive pre-tax operating profit was $741 million for the fourth quarter and $5.3 billion for the full year, an improvement of $7.2 billion from full year 2009.
· Ford Credit reported a pre-tax operating profit of $572 million for the fourth quarter and $3.1 billion for the full year, an increase of $1.1 billion from full year 2009.
· Revenue was $32.5 billion in the fourth quarter and $120.9 billion for the full year, an increase of $17 billion from full year 2009, excluding Volvo from 2009.
· Ford continued to reduce Automotive debt with an additional $7.3 billion of actions taken in the fourth quarter, including $2.5 billion of newly announced reductions. For the full year, Ford reduced Automotive debt by $14.5 billion, or 43 percent, which will lower annualized interest expense by more than $1 billion.
· Ford ended 2010 with Automotive gross cash exceeding debt by $1.4 billion, an improvement of $10.1 billion from year end 2009. Ford ended 2010 with $20.5 billion of Automotive gross cash.
· Ford generated positive Automotive operating-related cash flow of $1 billion in the fourth quarter and $4.4 billion in 2010, an improvement of $5.2 billion from full year 2009.
· Ford plans to deliver continued improvement in pre-tax operating profit and Automotive operating-related cash flow in 2011.
http://www.rns-pdf.londonstockexchange.com/rns/2833A_1-2011-1-28.pdf
This information is provided by RNS