Last checked at 28 Jan 2010 16:02
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FORD POSTS FULL YEAR PROFIT FOR 2009; FOURTH QUARTER 2009 NET INCOME OF $868 MILLION; PLANS TO BE PROFITABLE IN 2010+
Full year net income of $2.7 billion, or 86 cents per share, a $17.5 billion improvement from a year ago. Pre-tax operating profits of $454 million, a $7.3 billion improvement from a year ago++
Fourth quarter net income of $868 million, or 25 cents per share, a $6.8 billion improvement from a year ago. Pre-tax operating profits of $1.8 billion, a $5.5 billion improvement from a year ago++
Ford North America fourth quarter pre-tax operating profits of $707 million, a $2.6 billion improvement from a year ago++
Reduced Automotive structural costs by $500 million compared with the fourth quarter 2008, bringing the total 2009 reduction to $5.1 billion, exceeding the target of about $4 billion
Strong products drove full year market share gains in North America, South America and Europe as well as continued improvements in transaction prices and margins
Ended the year with $25.5 billion of Automotive gross cash and $34.3 billion in Automotive debt
Achieved positive Automotive operating-related cash flow of $3.1 billion for the fourth quarter. Full year Automotive operating-related cash outflow was $300 million, a $19.2 billion improvement over 2008
Ford Credit fourth quarter pre-tax operating profits of $696 million, a $1.1 billion improvement from a year ago
For full year 2010, Ford plans to be profitable on a pre-tax basis excluding special items, for North America, total Automotive and total company, with positive Automotive operating-related cash flow, based on its assumptions
| Financial Results Summary | Fourth Quarter | Full Year | ||||
| | 2008 | 2009 | O/(U) 2008 | 2008 | 2009 | O/(U) 2008 |
| Wholesales (000) + | 1,139 | 1,440 | 301 | 5,407 | 4,817 | (590) |
| Revenue (Bils.) + | $ 29.0 | $ 35.4 | $ 6.4 | $ 138.1 | $ 118.3 | $ (19.8) |
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| Operating Results + | | | | | | |
| Automotive sector (Mils.) | $(3,339) | $1,070 | $4,409 | $(6,355) | $(1,423) | $4,932 |
| Financial Services sector (Mils.) | (384) | 683 | 1,067 | (495) | 1,877 | 2,372 |
| Pre-Tax Results (Mils.) | $ (3,723) | $1,753 | $ 5,476 | $(6,850) | $ 454 | $ 7,304 |
| | | | | | | |
| After-Tax Results (Mils.) +++ | $ (3,333) | $ 1,565 | $ 4,898 | $(7,271) | $ 8 | $ 7,279 |
| Earnings Per Share +++ | $ (1.40) | $ 0.43 | $ 1.83 | $ (3.20) | $ 0.00 | $ 3.20 |
| | | | | | | |
| Special Items Pre-Tax (Mils.) | $ (1,429) | $ (711) | $ 718 | $(7,648) | $ 2,554 | $10,202 |
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| Net Income/(Loss) Attributable to Ford | | | | | | |
| After-Tax Results (Mils.) | $ (5,978) | $ 868 | $ 6,846 | $(14,766) | $ 2,699 | $17,465 |
| Earnings Per Share | $ (2.51) | $ 0.25 | $ 2.76 | $ (6.50) | $ 0.86 | $ 7.36 |
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| Automotive Gross Cash (Bils.) + | $ 13.4 | $ 25.5 | $ 12.1 | $ 13.4 | $ 25.5 | $ 12.1 |
http://www.rns-pdf.londonstockexchange.com/rns/2938G_1-2010-1-28.pdf