-- 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
Financial Results Summary Third Quarter First Nine Months
------------- -----------------
2009 O/(U) 2009 O/(U)
2008 2008
---- ----- ---- ----
Wholesales (000)(+) 1,232 57 3,377 (891)
Revenue (Bils.) (+) $30.9 $(0.8) $82.9 $(26.2)
Operating Results (+)
--------------------------
Automotive Results (Mils.) $446 $3,385 $(2,493) $523
Financial Services (Mils.) 661 502 1,194 1,305
--- --- ----- -----
Pre-Tax Results (Mils.) $1,107 $3,887 $(1,299) $1,828
After-Tax Results (Mils.)(+++) $873 $3,882 $(1,557) $2,381
Earnings Per Share (+++) $0.26 $1.58 $(0.54) $1.22
Special Items Pre-Tax (Mils.) $108 $(2,099) $3,265 $9,484
-----------------------------
Net Income/(Loss) Attributable to Ford
--------------------------------------
After-Tax Results (Mils.) $997 $1,158 $1,831 $10,619
Earnings Per Share $0.29 $0.36 $0.61 $4.55
Automotive Gross Cash (Bils.)
(++) $23.8 $4.9 $23.8 $4.9
---------------------------------- ----- ---- ----- ----
See end notes following conference call details.
Ford Motor Company [NYSE: F] today reported net income of $997 million, or 29 cents per share, in the third quarter as strong new products, structural cost reductions and improved results at Ford Credit lifted the company's results despite continued weak global economic conditions. This is a $1.2 billion improvement compared with the same period last year.
Excluding special items, Ford posted pre-tax operating profits totaling $1.1 billion, an improvement of $3.9 billion from a year ago. This marks the company's first operating profit since the first quarter of 2008. On an after-tax basis, excluding special items, Ford posted an operating profit of $873 million in the third quarter, or 26 cents per share, compared with a loss of $3 billion, or $1.32 per share, a year ago.( )
Ford's North American operations posted a pre-tax operating profit of $357 million, its first quarterly profit since the first quarter of 2005. Ford South America, Ford Europe and Ford Asia Pacific Africa also posted pre-tax operating profits in the third quarter.
"Our third quarter results clearly show that Ford is making tremendous progress despite the prolonged slump in the global economy," said Ford President and CEO Alan Mulally. "Our solid product lineup is leading the way in all markets. While we still face a challenging road ahead, our One Ford transformation plan is working and our underlying business continues to grow stronger."
Ford's third quarter revenue was $30.9 billion, down $800 million from the same period a year ago. Automotive revenue is up $100 million from a year ago. This improvement was offset by a decrease in Ford Credit's revenue reflecting a decline in receivables.
Ford reduced its Automotive structural costs by $1 billion in the quarter, largely driven by lower manufacturing and engineering costs, which included benefits from improved productivity, personnel reduction actions primarily in North America and Europe, and progress on implementing its common global platforms and product development processes. Through the first nine months, Ford has achieved $4.6 billion in Automotive structural cost reductions, exceeding its full-year 2009 target of $4 billion.
