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 Ford Posts First Quarter 2014 Pre-Tax Profit of $1.4 Billion, Net Income of $989 Million

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

Today, we are announcing that we achieved our 19th consecutive profitable quarter by delivering a 2014 first quarter pre-tax profit of $1.4 billion. We also are affirming that we are on track with our full-year pre-tax profit guidance of $7 billion to $8 billion, as we launch 23 new global vehicles, the most in a single year in our history.

These achievements are more evidence that our One Ford plan continues to deliver.

Asia Pacific reported record quarterly profit and higher market share driven by a record market in China. North America and Middle East & Africa were profitable. Europe reduced its loss by more than half, confirming our continued progress toward achieving a profit in the region in 2015. South America incurred larger losses compared with a year ago, largely due to the external environment and currency volatility there. Ford Credit once again delivered solid results.

As we focus on delivering our plan in the months ahead, it is important that each of us stays laser-focused on 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 attached news release​, which 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 their questions. 

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

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

Congratulations and thank you!

Alan

 
 
Ford Posts First Quarter 2014 Pre-Tax Profit of $1.4 Billion, Net Income of $989 Million; Global New Product Launches on Track+
 

• First quarter pre-tax profit of $1.4 billion, a decrease of $765 million compared with a year ago; after-tax earnings per share of 25 cents, excluding special items; 19th consecutive profitable quarter
• First quarter net income of $989 million, or 24 cents per share, a decrease of $622 million compared with a year ago, including pre-tax special item charges of $122 million
• Solid results overall; quarter adversely impacted by several significant factors not representative of underlying business run rate
• Automotive operating-related cash flow of $1.2 billion. Ford ended first quarter with Automotive gross cash of $25.2 billion, exceeding debt by $9.5 billion, and a strong liquidity position of $36.6 billion
• Wholesale volume and revenue both increased from a year ago, with continued market share gains in Asia Pacific, driven by record market share in China
• Asia Pacific reported record profit for any quarter; North America and Middle East & Africa were profitable; Europe reduced its loss by more than half and South America incurred a larger loss compared with a year ago
• Ford Credit once again delivered solid results
• Ford affirms its full-year pre-tax profit guidance of $7 billion to $8 billion as it launches 23 new global vehicles, the most in a single year in its history; 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 for the breakdown.

 
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4/25/2014 12:00 AM