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.
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!
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
Click here for the breakdown.