Blue Oval Connect Newswire: January 28, 2011 Thank you for registering to be a part of Ford Motor Company's Blue Oval Connect retiree outreach initiative. Has your e-mail address changed? Click here to update your e-mail address.
 Ford Motor Company 2010 Fourth Quarter Financial Results A note from President and CEO Alan
Mulally The strong results we delivered in 2010 also allowed us to make great progress on reducing debt and strengthening our balance sheet. We are announcing that we ended 2010 with Automotive gross cash exceeding our debt by $1.4 billion, an improvement of more than $10 billion from the end of 2009. Our fundamental plan to deliver One Ford remains unchanged:
It is important for all of us to read the below news release and to understand our story. We will meet with financial analysts and members of the news media throughout the day to discuss this information and answer questions. One Team. One Plan. One Goal. ONE Ford. Thank you!!
Below is the company's press release regarding Ford Motor Company's 2010 fourth quarter financial results. Ford Reports 2010 Full Year Net Income of $6.6 Billion; Fourth Quarter Net Income of $190 Million "Our 2010 results exceeded our expectations, accelerating our transition from fixing the business fundamentals to delivering profitable growth for all," said Alan Mulally, Ford president and CEO. "We are investing in an unprecedented amount of products, technology and growth in all regions of the world." Full year 2010 pre-tax operating profit was $8.3 billion, or $1.91 per share, an increase of $8.3 billion, or $1.90 per share, from a year ago. This increase reflects a profit in each Automotive segment led by strong performance in North America, reflecting primarily favorable volume and mix as well as favorable net pricing. Ford Credit’s strong profit also contributed significantly to Ford’s full year performance. Ford made significant progress in strengthening its balance sheet, reducing Automotive debt by $14.5 billion in 2010, a 43 percent reduction. These actions will lower annualized interest expense by more than $1 billion. Ford finished the year with Automotive gross cash exceeding debt by $1.4 billion. Fourth quarter actions reduced Automotive debt by $7.3 billion, including $2.5 billion of newly announced debt reductions to pay down Ford’s revolving credit facility and term loans. Ford reported fourth quarter net income of $190 million, or 5 cents per share, a decrease of $696 million, or 20 cents per share, from the fourth quarter of 2009. This includes the negative impact of special items of $1 billion, primarily associated with a previously disclosed $960 million charge related to the completion of debt conversion offers that reduced outstanding Automotive debt by over $1.9 billion. Ford earned a pre-tax operating profit of $1.3 billion, or 30 cents per share, in the fourth quarter, marking the sixth consecutive quarter of pre-tax operating profit. This is a decrease of $322 million, or 13 cents per share, from the fourth quarter of 2009. Fourth quarter Automotive pre-tax operating profit was $741 million, a decrease of $173 million from a year ago. Fourth quarter Financial Services pre-tax operating profit was $552 million, a decrease of $149 million from a year ago, which includes a pre-tax operating profit of $572 million for Ford Credit. North America posted a fourth quarter pre-tax operating profit of $670 million, a $59 million increase compared with 2009. Full year North America pre-tax operating profit was $5.4 billion, an improvement of more than $6 billion from a year ago. South America, Europe and Asia Pacific Africa also reported full year pre-tax operating profits for 2010. As a result of Ford’s 2010 financial performance, the company will pay profit sharing to approximately 40,600 eligible U.S. hourly employees. The average amount is expected to be approximately $5,000 per eligible full-time employee. Ford’s fourth quarter worldwide revenue was $32.5 billion, an increase of $1.6 billion compared with the same period a year ago, excluding Volvo from 2009. Ford reported full year revenue of $120.9 billion, an increase of $17 billion from a year ago, excluding Volvo from 2009. Ford generated positive Automotive operating-related cash flow of $1 billion in the fourth quarter and $4.4 billion in the full year, an improvement of $5.2 billion from full year 2009. Ford finished the year with Automotive gross cash of $20.5 billion and total Automotive debt of $19.1 billion. Automotive gross cash was down $3.3 billion from the end of the third quarter as a result of significant debt reduction actions. As of Dec. 31, 2010, total Automotive liquidity was $27.9 billion, including available credit lines. "The progress that we made improving our core Automotive business has allowed us to strengthen significantly the balance sheet in 2010, and this will remain a key area of focus for us in 2011," said Lewis Booth, Ford executive vice president and chief financial officer. "We continue to manage the business for long term profitable growth." FOURTH QUARTER AND FULL YEAR 2010 HIGHLIGHTS
Click here to read this press release in full and see additional information, including financial tables.
Any Medicare Advantage policyholders wishing to switch to Medicare A, B and D Plans under Medicare's new Annual Disenrollment Period (ADP) have until Feb. 14 to file their papers. Switches between Advantage programs are not permitted under ADP. Transition Assist (TA) one of the three companies offering information and enrollment advice that are approved by both Peer Support and Ford, will offer a seminar Feb. 3 at the Henry Ford Centennial Library starting at 10 a.m. TA's Dearborn office director, Kristin Tapley, will provide explanations of latest Medicare developments and answer questions from retirees nearing their 65th birthday and those already on Medicare Peer Support's website, (http://www.ford-umbrella-group.org), provides updates on latest developments. Volunteers are available to answer e-mail questions sent to peer-support@ford-umbrella-group.org. Please include your phone number.
Ford is aggressively accelerating its commitment to wirelessly connected intelligent vehicles – known as vehicle-to-vehicle communications – becoming the first automaker to build prototype vehicles for demonstrations across the U.S., doubling its intelligent vehicle investment in 2011 and dedicating even more scientists to developing this technology. An October National Highway Traffic Safety Administration (NHTSA) report on the potential safety benefits of vehicle-to-vehicle communications estimates that intelligent vehicles could help in as many as 4,336,000 police-reported, light-vehicle crashes annually, or approximately 81 percent of all light-vehicle crashes involving unimpaired drivers. Experts say intelligent vehicles could be on the road in five to 10 years. To read the full article, click here. Related Material:
The 2012 Ford Focus will offer up exceptional shift quality to drivers, powered in part by an inventive Ford transmission technology that has been waiting nearly 25 years for computing power to catch up to make it a reality. Focus features the Ford PowerShift dry-clutch six-speed automatic transmission, one of the first transmissions to benefit from Torque Hole Filling (THF), a Ford-developed and patented concept and methodology conceived a quarter century ago. THF uses a combination of mathematical algorithms, computer-aided engineering (CAE) tools and transmission control technologies to fill what is commonly known as the torque hole – the slight hesitation drivers may feel during an upshift when there is a momentary drop in transmission torque output followed by a rise in torque. To read the full article, click here. Related Material:
You might remember seeing the bright orange Ford Focus Electric prototype running around a track and being driven by your favorite celebrities during the Green Car Challenge on "The Jay Leno Show" last year. Now, you will be able to see the same vehicle permanently plugged in at the Petersen Automotive Museum in Los Angeles. Today, Ford officially handed the museum the keys to one of two Focus Electric prototypes used during the show's Green Car Challenge segment. Based on the European five-door production Focus ST, the racing prototype was specifically designed for "The Jay Leno Show" and used throughout the 2010 season. Tuned to perform on a racetrack, the Focus Electric was outfitted with Recaro racing seats, a full roll cage, five-point racing harness and an eye-catching Electric Orange paint scheme. To read the full article, click here.
New Ford Focus owners can learn a thing or two about driving skills that can maximize their miles per gallon – and they can have a little fun in the process. EcoMode is a handy software application aimed at helping coach customers in the art of eco-driving – and then rewards those that practice more fuel-efficient driving skills with in-car kudos displayed on the instrument cluster. Eco-driving refers to specific on-road behaviors that can improve fuel economy, save money and reduce greenhouse gas emissions. In recent internal tests, Ford found that eco-driving skills can improve fuel economy by an average of 24 percent. The nationwide Auto Alliance-supported EcoDriving initiative further claims that if every American put eco-driving skills to work on the road and achieved just a 15 percent benefit in fuel economy, more than 22 billion gallons of gas would be saved each year. To read the full article, click here.
Ziad Ojakli Group Vice President, Government and Community Relations Ford Motor Company On the heels of this week's State of the Union, we caught up with "Z" about the initiatives outlined in U.S. President Barack Obama's speech. Q: What was your main take away from the speech? To read the full discussion, click here.
Ford Brazil celebrates two historic production milestones at the Taubaté plant, in Sao Paulo, surpassing the volume of 5 million engines and 4 million transmissions. To read the full article, click here.
The S-MAX has been voted Large MPV of the year in the 2011 awards presented by BusinessCar, a U.K.-based publication for fleet cars and suppliers. Ford won the same title last year, although with the Galaxy. To read the full article, click here.
Ford recently completed over a decade of growth in the Brazilian market. From 2001 to 2010, the brand sold about 2.3 million vehicles in Brazil and recorded significant increases in participation, even with the increase in the number of competitors. To read the full article, click here.
(NBC) About 3,000 hourly and salaried workers at Ford's DTP are on temporary layoff this week, because of a shortage of parts for the F-150. Click here to view video.
 Ford Fiesta and Ford Taurus Winners in Third Annual U.S. News & World Report's "Best Car for the Money" Awards (U.S. News) Carmakers are finally starting to get it: Shoppers want value, which means giving buyers more bang for their buck. To read the full article, click here. Ford Mustang Boss 302 Slams Chevrolet Camaro at Barrett-Jackson Bill Ford Urges U-M Business Students to Rebuild State Ford Recalls 525,000 Windstar Minivans Comparison: 2013 Ford Focus Electric vs. 2011 Nissan Leaf
For Dan Akerson, a Magic Moment to Remake GM Hyundai-Kia Takes the Battle to Ford Vote for the 2011 Test Engineer of the Year
Toyota Recalls 1.7 Million Vehicles FCN News Team: Publisher: Sara Tatchio Associate Publisher: Jenn Corney Managing Editor: Terra Donnelly You received this e-mail because you opted in to receive e-mail communications from Blue Oval Connect. Please note that we have updated the Privacy Policy for BlueOvalConnect.com. We have also added to the site a statement relating to "Your California Privacy Rights." To review these documents, click to www.blueovalconnect.com/privacy_policy.cfm and www.blueovalconnect.com/california privacy.cfm To opt out of receiving e-mail communications from Blue Oval Connect click here. Blue Oval Connect, One American Road, Dearborn, MI 48126 |
