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 Ford Posts Full Year 2013 Pre-Tax Profit of $8.6 Billion, One of the Company’s Best Years

DATE: Will be calculated from "Release Start Date" field.

Congratulations to the entire Ford team! Today, we are announcing one of the best full-year pre-tax operating profits in our history and our fourth consecutive year of pre-tax profit of $8 billion or higher. We also are announcing record Automotive operating-related cash flow. These achievements are more evidence that our One Ford plan continues to deliver.

Our work to serve our customers around the world and deliver profitable growth is paying off. We are announcing year-over-year volume and revenue growth supported by market share gains in the U.S., South America and Asia Pacific Africa, as well as higher retail and share in Europe.

North America and Asia Pacific Africa set full-year records for pre-tax profit. In South America, we are continuing to execute our strategy of expanding our product lineup, and progressively replacing legacy products with global One Ford offerings, while managing escalating risks in Argentina and Venezuela. Our transformation plan in Europe is on track to return to profitability in 2015, and Europe improved its loss compared with a year ago. Ford Credit continues to be a strategic asset, posting another solid profit.

Importantly, we also are reiterating that we expect 2014 to be a solid year and a critical next step as we continue to invest in implementing our One Ford plan, with Company Full year pre-tax profit expected to range from $7 billion to $8 billion.

It is important that each of us stays laser-focused on serving customers with vehicles delivering the best quality, fuel efficiency, safety, smart design and value through our One Ford plan, which remains unchanged:
• Aggressively restructure to operate profitably at the current demand and changing model mix
• Accelerate the development of new products that customers want and value
• Finance the plan and improve the balance sheet
• Work together effectively as one team, leveraging Ford’s global assets

Please read the news release below that outlines the progress we are making against our plan and our outlook for the future. We will meet with financial analysts and representatives of the news media throughout the day to discuss this information and answer questions.

We also will discuss our results, accomplishments, challenges and opportunities during today’s Global Town Hall at 11 a.m. EST U.S. (2 p.m. São Paulo, 5 p.m. Cologne, 12 a.m. Shanghai).

One Team. One Plan. One Goal. One Ford.

Congratulations and thank you!

Alan


Ford Posts Full Year 2013 Pre-Tax Profit of $8.6 Billion, One of the Company’s Best Years Ever; Net Income of $7.2 Billion+

• Full year 2013 pre-tax profit of $8.6 billion, an increase of $603 million from a year ago, was one of Ford’s best years ever; full year earnings per share of $1.62, an increase of 21 cents per share compared with a year ago
• Full year net income of $7.2 billion, or $1.76 per share, including pre-tax special item charges of $1.6 billion and favorable tax special items of $2.2 billion
• Highest full year Automotive pre-tax profit in more than a decade; record profits in North America and Asia Pacific Africa; about breakeven in South America; lower loss in Europe than last year
• Full year top-line growth with wholesale volume and total company revenue up 12 percent and 10 percent, respectively, compared with a year ago; growth supported by year-over-year market share gains in the U.S., South America and in Asia Pacific Africa, which was driven by record market share in China; higher retail share in Europe
• Ford Credit solidly profitable
• Total company fourth quarter pre-tax profit of $1.3 billion, a decrease of $402 million compared with a year ago; 18th consecutive quarter of profitability; fourth quarter earnings per share of 31 cents, unchanged from 2012
• Fourth quarter net income of $3 billion, or 74 cents per share, an increase of $1.4 billion compared with a year ago, including pre-tax special item charges of $311 million and favorable tax special items of $2.1 billion
• Record positive Automotive operating-related cash flow of $6.1 billion for the full year; fourth quarter Automotive operating-related cash flow of $500 million — the 15th consecutive quarter of positive performance. Ford ended 2013 with Automotive gross cash of $24.8 billion, exceeding debt by $9.1 billion, and a strong liquidity position of $36.2 billion
• Global pension plans funded status improved about $10 billion compared with year-end 2012
• Ford’s outlook for 2014 is unchanged. Ford expects another solid year with total company pre-tax profit to range from $7 billion to $8 billion; Automotive revenue to be about the same as last year; Automotive operating margin to be lower; and Automotive operating-related cash flow to be positive but substantially lower than 2013 

Click here to view Financial Tables.

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1/28/2014 12:00 AM