Ford today reported a full year 2009 pre-tax operating profit, excluding special items, of $454 million, a $7.3 billion improvement over a year ago. The company said it now expects to be profitable for full year 2010 on a pre-tax basis excluding special items, for North America, total Automotive and total company, with positive Automotive operating-related cash flow.- 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
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Quotes
“While we still face significant business environment challenges ahead, 2009 was a pivotal year for Ford and the strongest proof yet that our One Ford plan is working and that we are forging a path toward profitable growth by working together as one team, leveraging our global scale. In every part of the world, we are providing customers with great products, building a stronger business and contributing to a better world. Our progress has helped us gain market share in most of our major markets.”
– Alan Mulally, Ford President and CEO
“We delivered very encouraging results in the fourth quarter and for full year 2009 despite severe economic headwinds, although our transformation remains a work in progress. We are committed to staying absolutely focused on executing our plan to deliver profitable growth.”
– Lewis Booth, Ford Executive Vice President and Chief Financial Officer
“We are more convinced than ever that Ford has the right plan to lead us through the near-term economic and external operating pressures and continue to deliver profitable growth. The entire extended Ford team is absolutely committed to building on our progress and working together as a lean global enterprise focused on automotive leadership and delivering products with the best quality, fuel efficiency, safety, smart design and value around the world.”
– Alan Mulally, Ford President and CEO
Tags: Earnings, Financial, Ford, Ford Motor Company, Fourth Quarter, Net Income, Profit
