Last checked at 24 Apr 2009 14:21
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IMMEDIATE RELEASE
FORD REPORTS FIRST QUARTER 2009 NET LOSS OF $1.4 BILLION*; STRENGTHENS BALANCE SHEET, LAUNCHES KEY NEW VEHICLES
Net loss of $1.4 billion, or $0.60 per share, for the first quarter of 2009; pre-tax operating loss of approximately $2 billion, excluding special items**
Results for total company operations improved as compared with the fourth quarter of 2008
Ended first quarter with Automotive gross cash of $21.3 billion.*** Significantly reduced operating-related cash outflow compared with the third and fourth quarters of 2008 despite further declines in volume
Launched new Ford Fusion, Fusion Hybrid, Mustang, Focus RS and four-door Fiesta as well as Lincoln MKZ, Mercury Milan and Milan Hybrid. Gained market share in Europe and South America.
Executed actions to reduce Automotive debt obligations by $10.1 billion - which were completed and recognized in March and April - and lower annual cash interest payments by more than $500 million
Modified collective bargaining agreement with the UAW, lowering Ford's annual U.S. labor costs by about $500 million; reached agreement in principle with the UAW, subject to court and other approvals, to allow Ford to settle up to half of its cash VEBA obligations with Ford common stock
Reduced Automotive structural costs by $1.9 billion, including $1.3 billion in North America
Ford remains on track to meet or beat its financial targets based on current planning assumptions, including the target for its overall and North American Automotive pre-tax results to be breakeven or better in 2011, excluding special items
Click on, or paste the following link into your web browser, to view the First Quarter Results.
http://www.rns-pdf.londonstockexchange.com/rns/1343R_1-2009-4-24.pdf