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Ford Q4, Full-Year 2015 Earnings Blow Away Expectations

North America helped drive results; Europe turns profit.

by on Jan.28, 2016

Ford CEO Mark Fields said the company would turn a profit in Europe and with a strong fourth quarter, it did. Expectations are higher for 2016.

Low gas prices leading to a shift to buyers gobbling up trucks, SUVs and crossovers played into the sweet spot of Ford Motor Co.’s line-up and allowed the maker to exceed expectations for the fourth quarter and for full-year 2015 results.

The Dearborn, Michigan-based automaker reported fourth-quarter earnings of $2.3 billion, or 58 cents per share, on revenue of $40.3 billion. This outpaced last year’s results of $1.2 billion at 26 cents per share on revenue of $33.8 billion.

Financial News!

Analysts had expected Ford to report adjusted earnings of about 51 cents a share on $36.40 billion in revenue for the final segment of 2015, according to a consensus estimate from Thomson Reuters. (more…)

Ford Delivers $1.6 Bil Q1 Profit with Strongest North American Earnings in Over a Decade

But maker was hammered by problems in Europe.

by on Apr.24, 2013

CEO Alan Mulally and Chairman Bill Ford.

Ford Motor Co. topped Wall Street’s already optimistic earnings estimate with a 16% jump in first-quarter net income of $1.6 billion, or 40 cents per share.

That compared to last year’s 35-cent earnings and a 37-cent consensus estimate for the latest quarter among analysts polled by FactSet. The maker would have done still better were it not for problems in Europe which resulted in a $147 million decline in pre-tax earnings of $2.1 billion. But Ford’s results also were buoyed by the strongest results in North America in “at least” a decade.

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“Our strong first quarter results provide further proof that our One Ford plan continues to deliver,” said Alan Mulally, Ford president and CEO. “Our plan remains centered on serving customers in all markets around the world with a full family of vehicles — small, medium and large; cars, utilities and trucks — each with the very best quality, fuel efficiency, safety, smart design and value.”

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Ford to Use Cash to Fund UAW VEBA Payment

Retiree Medical Benefits Trust to get $3.8 billion.

by on Jun.30, 2010

Happier days for all back in 2007.

Ford Motor Company (NYSE:F) today is reducing its debt by more than $4 billion by retiring debt owed to the UAW Retiree Medical Benefits Trust ahead of schedule. The company said it is taking the action to strengthen its balance sheet.

Analysts have noted that although Ford escaped bankruptcy during the Global Great Recession, it still has a relatively large amount of debt.

Moreover, Ford is increasingly returning to fleet sales in the U.S. this year to keep momentum going, and it is losing ground in Europe to stronger French competitors, notably Renault,  due to pricing and quality issues. The stock has been under selling pressure recently and is currently trading on the $10 range. (See European Auto Market Tanks in May)

Nonetheless,  Ford says it will post a profit and positive automotive operating-related cash flow this year, which means the stock price could be caught in forces beyond Ford’s control.

Ford is making scheduled payments in cash totaling about $860 million on Notes A and B held by the UAW Retiree Medical Benefits Trust – including about $250 million due under Note A, and $610 million due under Note B. Ford had the option to pay Note B with cash or Ford stock but agreed to pay with cash.

In addition, Ford and its subsidiary, Ford Motor Credit Company, are paying a combined $2.9 billion to retire the remaining obligation on Note A at an agreed upon discount of 2%.

Separately, Ford is making a $255 million cash payment to bring current previously deferred quarterly distributions on the 6.50% Cumulative Trust Preferred Securities of Ford Motor Company Capital Trust II.

With today’s actions and an April payment of $3 billion on its 2013 revolving credit facility, Ford will have reduced its debt by more than $7 billion in the second quarter. The second quarter debt reduction will save Ford more than $470 million in annual interest expense.

Debt Free!

“We expect to continue to improve our balance sheet as we deliver on our plan,” said Ford President and CEO Alan Mulally.

“Importantly, our business results make it possible to take these actions while still accelerating the investments we are making in our business to serve our customers with the very best cars and trucks,” Mulally claimed.

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Ford Motor U.S. Sales Up 33% in December

Full year sales are down 15%, a relative success.

by on Jan.05, 2010

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Ford's first full year share gain in 14 years.

Ford, Lincoln and Mercury dealers delivered 179,017 vehicles in December 2009, a 33% increase compared to one year ago.

Full-year sales totaled 1.62 million, down “only” 15% in a market off 21%, as Ford capitalized on the well-publicized bankruptcies of its severely wounded cross-town rivals, Chrysler Group, and General Motors Company.

As a result of its, relatively, good performance Ford posted its first full year market share gain in 14 years. Ford estimates its full-year 2009 U.S. total market share was about 15% – about one percentage point higher than in 2008.

While it is too soon to say that Ford is finally turned around after decades of decline, the Dearborn based company faces its best prospects in at least a decade and its stock  at ~+$10 a share is trading at a recent high. Just over a decade ago, Ford had five of the top ten selling cars in the U.S. Now it has two, the F-series pickup truck and the Ford Focus compact.

In December, Ford cars were up 42%, crossovers were up 51%, sport utilities were up 33%, and trucks and vans were up 18%. Among brands, Ford sales were up 37%, Lincoln sales were up 16% and Mercury sales were up 6%.

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Numbers!

Overall, the auto market itself  was up 15%. So the primary Ford brand outperformed or swam, as Lincoln treaded water, as Mercury, glub,  sank.

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Ford Motor Sales Flat in November

Modest gains for cars at Volvo and Ford brands canceled by the ongoing collapse of trucks and SUVs, and a 20% drop at Lincoln.

by on Dec.01, 2009

A basic family car is a winner for Ford.

A basic family car is a winner for Ford.

Ford Motor Company reported today that November sales were even when compared with 2008. While car sales were up 14% and crossovers were up 26% for the month, total sales of 118,536, equaled year-ago levels.

Significant drops averaging -20% in sport utility, truck and van segments, where Ford is still heavily invested, essentially canceled the crossover and car increases.

In bright spots, Ford Fusion set a full year sales record, year-to-date 2009 sales are 161,819. The previous full-year record, set in 2007, was 149,552.

Other Ford, Lincoln and Mercury cars posting increases included Ford Focus (+24%) and Mercury Milan (+40%).

However, Lincoln sales dropped 20% from year ago levels, led by a stunning decrease of 69% for the aging Town Car to 454 vehicles compared with 1,454. The MKS was off 27% and the Navigator dropped 20% compared to what were already depressed levels a year ago.

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Ford Motor U.S. Sales Up Slightly in October

Now finally we get to honest year-on-year comparisons after the devastating market collapse last fall.

by on Nov.03, 2009

Ford Motor Company sales increased 3% versus a year ago and were 21% higher than the September clunkers payback, as it continued to pick up market share. It was the third time in the last four months Ford sales have increased.

“Consumer demand for our new high-quality, fuel-efficient products is driving Ford’s market share gains,” said Ken Czubay, Ford vice president, U.S. Marketing Sales and Service.

Ford incentive spending dropped by 30% and consumers continued to order a richer mix, Ford officials said. For example, consumers were ordering EcoBoost engines. “It’s a really high take rate,” said Ford sales analyst George Pipas.

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Ford Motor Third Quarter Net Income is $1 Billion

North America returns to black for the first time in more than four years.

by on Nov.02, 2009

Ford is slowly pulling out of a prolonged slump.

Ford is slowly pulling out of a prolonged slump.

Ford Motor Company [NYSE: F] today reported net income of $997 million, or 29 cents per share, in the third quarter.

The Dearborn based automaker attributed the improvement to new products, structural cost reductions and improved results at Ford Credit.

This is a $1.2 billion improvement compared with the same period last year.

Excluding special items, Ford posted pre-tax operating profits totaling $1.1 billion, an improvement of $3.9 billion from a year ago. This marks the company’s first operating profit since the first quarter of 2008. On an after-tax basis, excluding special items, Ford posted an operating profit of $873 million in the third quarter, or 26 cents per share, compared with a loss of $3 billion, or $1.32 per share, a year ago.

Bottom Line - Free!

Bottom Line - Free!

Ford’s North American operations posted a pre-tax operating profit of $357 million, its first quarterly profit since the first quarter of 2005. Ford South America, Ford Europe and Ford Asia Pacific Africa also posted pre-tax operating profits in the third quarter.

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