7 Nov 2008 18:27
Media: | Equity Investment | Fixed Income | Shareholder Inquiries |
Bill Collins | Community: | Investment Community: | 1.800.555.5259 or |
1.313.390.4866 | Larry Heck | Dave Dickenson | 1.313.845.8540 |
wcollin1@ford.com | 1.313.594.0613 | 1.313.621.0881 | stockinf@ford.com |
fordir@ford.com | fixedinc@ford.com |
FORD REPORTS 3Q $129 MILLION NET LOSS; FURTHER COST AND CASH IMPROVEMENTS PLANNED TO CONTINUE IMPLEMENTING PRODUCT-LED TRANSFORMATION AND OFFSET GLOBAL INDUSTRY WEAKNESS +
Net loss of $129 million, or $0.06 a share, for the third quarter of 2008
Pre-tax loss of $2.7 billion from continuing operations, excluding special items ++
Favorable curtailment gain in excess of $2 billion related to approval of retiree health care agreement
Company remains on track to achieve $5 billion in cost reductions in North America by the end of 2008 compared with 2005 (at constant volume, mix and exchange; excluding special items)
Automotive gross cash (including cash and cash equivalents, net marketable securities and loaned securities) on Sept. 30, 2008 totals $18.9 billion +++
Available credit lines total $10.7 billion; overall liquidity totals $29.6 billion
Company planning further cost and cash improvements to continue implementing Ford's product-led transformation plan and offset continued weakness in the global automotive industry
Financial Results Summary | Third Quarter | First Nine Months | ||
| 2008 | O/(U) 2007 | 2008 | O/(U) 2007 |
Wholesales (000) ++ | 1,174 | (313) | 4,266 | (644) |
Revenue (Bils.) ++ | $ 32.1 | $ (9.0) | $ 110.1 | $ (18.2) |
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Continuing Operations ++ |
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Automotive Results (Mils.) | $ (2,906) | $ (2,544) | $ (2,924) | $ (2,715) |
Financial Services (Mils.) | 159 | (397) | ( 111) | (1,066) |
Pre-Tax Results (Mils.) | $ (2,747) | $ (2,941) | $ (3,035) | $ (3,781) |
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After-Tax Results (Mils.) | (2,977) | (2,953) | (3,846) | (3,909) |
Earnings Per Share ++++ | (1.31) | (1.30) | (1.72) | (1.75) |
Special Items Pre-Tax (Mils.) | $ 2,207 | $ 2,557 | $ (6,219) | $ (6,199) |
Net Income | ||||
After-Tax Results (Mils.) | $ (129) | $ 251 | $ (8,696) | $ (8,784) |
Earnings Per Share | (0.06) | 0.13 | (3.89) | (3.94) |
Automotive Gross Cash (Bils.) +++ | $ 18.9 | $ (16.7) | $ 18.9 | $ (16.7) |
To view the full unabridged 3rd Quarter Results, click on, or paste the following link into your web browser:
http://www.rns-pdf.londonstockexchange.com/rns/7217H_1-2008-11-7.pdf