Forbes — Wash Post — Video: Best Ford Commercial Ever — Motley Fool — 2009 SEC Fillings


ford_not_owned_by_america

Northside Ford - San Antonio, Texas


forbes_logo

Ford Trims Its Losses And Beats Expectations

Joann Muller

More important, the carmaker slowed the rate at which it has been burning cash.

DETROIT — Ford Motor narrowed its operating losses in the second quarter, as it reaped the benefits of cost savings and market share gains at the expense of its domestic rivals.

The Dearborn, Mich.-based automaker beat analysts’ estimates with a loss, excluding one-time items, of $638 million, or 21 cents a share. The consensus had been for a loss of 53 cents per share, according to Reuters Estimates, compared with a loss of 62 cents a year earlier.

Net income was $2.26 billion, or 69 cents a share, on accounting gains related to reducing debt, Ford said Thursday in a statement.

More important, Ford slowed the rate at which it has been burning cash to $1 billion from $3.7 billion in the first three months of the year. It ended the quarter with cash from automotive operations of $21 billion. Revenue fell to $27.2 billion from $38.2 billion.

Ford has done a good job of keeping its eyes on the road during a particularly difficult stretch, even as its domestic rivals veered off into bankruptcy.

In the second quarter, Ford picked up two points of market share, even as it cut the average incentive on its vehicles by about $1,100. It has managed to keep inventories low, too, so while General Motors (GMGMQ.PK news people) and Chrysler were forced to shut down their factories for long stretches in early summer, Ford recently said it is upping production for the first time in two years.

Some analysts are more bullish. Credit Suisse analyst Christopher Ceraso wrote in a note to clients that Ford could post a modest profit in 2010, a year ahead of company guidance. Michael Ward of Soleil Securities says Ford’s North American auto operations could post a pretax profit of $1 billion next year, based on the benefit of cost reductions, improved industry sales, new products and market share gains. Ford’s chief executive, Alan Mulally, is still calling for a return to profitability in 2011.

Ford’s pace of new product introductions is strong and could drive further market share gains at the expense of GM and Chrysler, according to Bank of America/Merrill Lynch, which published its annual “Car Wars” study this week. Among the new models Ford will be rolling out are a new Taurus flagship and two new fuel-efficient small cars designed in Europe, the Fiesta and a revamped Focus…

ford_escape


iwp1_mages

Ford Pushes Into the Black, Snapping Losing Streak

Bolstered by Cost Cuts, Automaker Moves In on Rivals

Washington Post Staff Writer

By Kendra Marr – Friday, July 24, 2009

Ford Motor on Thursday posted a surprise profit of $2.26 billion for the second quarter, ending a streak of four straight quarterly losses.

In recent months, the carmaker has claimed market share from its American rivals, General Motors and Chrysler, while those companies struggled to restructure their operations in bankruptcy court.

Ford executives now say the automaker is on track to return to annual profitability in 2011.

“Despite the challenges, Ford’s underlying business is getting progressively stronger as we launch great new products the customers want and value, while continuing to aggressively restructure our operations,” Ford chief executive Alan R. Mulally said in a conference call with analysts.

Ford’s gains were aided by rapid cost cutting in the second quarter. Ford reduced its debt obligations by $10.1 billion, which will save the company more than $500 million a year in interest expense. It raised $1.6 billion by issuing common stock. The company said it also cut “structural” costs by $1.8 billion, in part by eliminating 1,000 U.S. hourly jobs through buyouts.

“They’re leaner and meaner than they have been in past,” said George Peterson, president of research firm AutoPacific.

Ford said it is likely to make additional moves to raise cash and reduce debt. It is still looking for a buyer for its Swedish unit Volvo, which lost $231 million in the quarter.

Excluding special items, such as debt reduction, Ford would have lost $424 million in the second quarter. In comparison, the company lost $8.7 billion in the second quarter of 2008, the worst performance year in Ford’s history.

Ford last pulled itself out of the red in the first quarter of 2008, earning $100 million.

Ford shares jumped 9.4 percent Thursday, to close at $6.98.

Under Mulally, Ford appears to be building better cars and trucks, analysts said. The Ford Fiesta, which launches in the United States next year, is now Europe’s second-best-selling car.

“These are not cars built to the lowest common denominator anymore,” Peterson said.

Ford is also shifting its lineup toward smaller, more fuel-efficient vehicles. But some analysts warn that the automaker could face a challenge selling those new models if gas prices do not climb this summer.

“Clearly the road ahead remains challenging,” Mulally told analysts. “While we still expect the economy to begin to improve in the second half of the year, the recovery is likely to be more modest than many of us had hoped.”

ford_mustang



fool_logoTHE MOTLEY FOOL

Is Ford’s Profit for Real?

By John Rosevear – July 23, 2009

Ford (NYSE: F) — yes, that Ford — posted a profit of $2.3 billion for the quarter. That’s $0.69 a share, compared with a loss of $3.89 a share for the same period last year.

Think about that for a second.

If you’ve followed the tribulations of the American automakers over the last year — and unless you’ve been in a Zen monastery, the news has been hard to miss — the idea that one of the Once-Big Three turned a profit is hard to believe.

Should we believe it?

Well, no, not quite
To be fair, Ford’s press release is completely up-front about the fact that that $2.3 billion includes “special items” worth a net total of $2.8 billion. Without these special items — most of which are simply fancy ways of saying that Ford swapped some of its debt for equity and cash and made some one-time cuts — Ford lost $0.21 a share.

That’s not great in absolute terms, but it’s not bad — analysts were expecting a $0.50 per-share loss, and it’s way better than last year’s numbers. Ford has cut costs, gained market share with some great products, and has an impressive pipeline, and management is still predicting a return to (genuine) profitability by 2011.

So it’s a buy, then?
I’m skeptical. The company is a long way from being out of the woods. I think anyone considering an investment in Ford right now, much as I like it as a long-term recovery story, has to ponder a few points:

  • Supplier drama. Any interruptions in Ford’s parts supplies would stop its affected factory lines within hours, and many leading suppliers are in deep trouble. Seatmaker Lear and Ford spinoff Visteon are already in bankruptcy. Tier 1 giants Johnson Controls and Magna (NYSE: MGA) are so far faring better, but there’s drama brewing there as well.
  • Dilution. They’ve got to keep servicing all that debt, and — following the lead of companies from Dow Chemical (NYSE: DOW) to DryShips (Nasdaq: DRYS) — a stock offering may be on the way.
  • The competition. Nissan (Nasdaq: NSANY), Toyota (NYSE: TM), and Honda (NYSE: HMC) are all in better financial shape than Ford, and after their warp-speed trips through bankruptcy court, General Motors and Chrysler arguably are as well.


ford+stock


fool_logoTHE MOTLEY FOOL

3 Reasons to Buy Ford Today

By Dave Mock – July 13, 2009

Historically, tumultuous times offer some of the best opportunities to buy stocks, and the market’s current mess surely qualifies. Few industries — save for possibly the financial sector — have been gored as deeply as the automotive sector, but despite the dismal sales and bankruptcies at Chrysler and GM, some investors see many reasons to consider buying shares of automaker Ford (NYSE: F) today.

In our Motley Fool CAPS community, 7,335 investors have given a bullish or bearish opinion on Ford. Poring through the detailed information packed in pitches and other comments, I’ve dug up three of the top reasons why many members consider the stock a buy today:

1. Gaining market share: Since General Motors and Chrysler have been grinding their way through bankruptcy proceedings, Ford has seen its market share grow, and is even seeing big sales increases in China and Canada. Although auto sales continued to fall in June, Ford had its smallest monthly decline since July of last year and outsold Toyota (NYSE: TM) for the fourth straight month.

2. Boosting production: Ford recently reported tighter inventories, down 38% from a year ago. It plans to increase its third-quarter production after seeing more demand in June, a move companies like Alcoa (NYSE: AA) and AK Steel (NYSE: AKS) like to hear, and is floating the notion that the worst is behind it and that the industry could see modest improvement in the second half of this year.

3. Innovative lineup: The Fusion has recently been making big gains in the car market against rivals Toyota Camry and Honda (NYSE: HMC) Accord, validating Ford’s strategy to shift a larger percentage of sales from SUVs to cars. It plans to invest about $1.5 billion in new small-car facilities in emerging markets like China and India, where Tata Motors (NYSE: TTM) has seen continuing sales increases, and it plans to expand on its already successful Microsoft (Nasdaq: MSFT) Sync technology by launching it in Europe and around the world.

Of course, there’s a lot more devil in the details of these buy-side opinions, which is why CAPS is such a great resource to check and balance your own analysis. You can read the bullish and bearish sides to every stock. To see what the very best CAPS members are saying now about Ford, just click on over to Motley Fool CAPS and have a look.

More Foolishness:


3448052166_0be6ed3437


FORD CREDIT EARNS $413 MILLION IN THE SECOND QUARTER OF 2009*

Download Full 2Q Financial Release (PDF)

DEARBORN, Mich., July 23, 2009 – Ford Motor Credit Company reported net income of $413 million in the second quarter of 2009, an improvement of $1.8 billion from a net loss of $1.4 billion a year earlier.  On a pre-tax basis, Ford Credit earned $646 million in the second quarter, compared with a loss of $2.4 billion in the previous year.  Excluding the $2.1 billion impairment charge for operating leases in the second quarter of 2008, Ford Credit incurred a pre-tax loss of $294 million in the previous year.  On a pre-tax basis, Ford Credit earned $610 million in the first half of 2009.

The improvement in pre-tax earnings primarily reflected non-recurrence of the second quarter 2008 impairment charge to the North America operating lease portfolio, lower depreciation expense for leased vehicles due to higher auction values, net gains related to unhedged currency exposure from cross-border intercompany lending, a lower provision for credit losses, and lower operating costs.  These factors were offset partially by lower volume and non-recurrence of a gain related to the sale of approximately half of our ownership interest in our Nordic operations.

“We are pleased with our second quarter results as market conditions remain challenging around the world,” Chairman and CEO Mike Bannister said.  “With our solid business fundamentals and our focus on prudent lending, sound risk management and high-quality servicing, we continue to provide valuable support to Ford Motor Company, its dealers and its customers.”

On June 30, 2009, Ford Credit’s on-balance sheet net receivables totaled $99 billion, compared with $116 billion at year-end 2008.  Managed receivables were $100 billion on June 30, 2009, down from $118 billion on December 31, 2008.  The lower receivables primarily reflected lower North America and Europe receivables, mainly due to lower industry volumes, lower dealer stocks, and the transition of Jaguar, Land Rover and Mazda financing to other finance providers.

On June 30, 2009, managed leverage was 8.4 to 1.  During the second quarter of 2009, Ford Credit completed the cash tender offer, commenced in the first quarter of 2009, pursuant to which it purchased $3.4 billion principal amount of Ford Motor Company’s unsecured, nonconvertible debt securities for an aggregate cost of $1.1 billion including transaction costs.  Ford Credit transferred these debt securities to Ford Motor Company in satisfaction of $1.1 billion of tax liabilities to Ford Motor Company.

Ford Credit expects its second half results to be lower than its first half 2009 results.  Ford Credit does not expect the net gains related to unhedged currency exposures or improvements in lease residual losses in the amounts experienced in the second quarter of 2009 to continue.  A continuing decline in receivables will also contribute to lower second half 2009 results.

Ford Motor Credit Company LLC is one of the world’s largest automotive finance companies and has supported the sale of Ford Motor Company products since 1959.  Ford Credit is an indirect, wholly owned subsidiary of Ford.  It provides automotive financing for Ford, Lincoln, Mercury and Volvo dealers and customers.  More information can be found at http://www.fordcredit.com and at Ford Credit’s investor center, http://www.fordcredit.com/investorcenter.

— — — — —

  1. The financial results discussed herein are presented on a preliminary basis; final data will be included in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2009.

# # #


ford_fiesta


FORD POSTS SECOND QUARTER PRE-TAX OPERATING LOSS OF $424 MILLION+; GAINS MARKET SHARE, REDUCES CASH OUTFLOW++

Download Full Financial Release (PDF)

Download Slides (PDF)

  • Reported a pre-tax operating loss of $424 million, excluding special items, for the second quarter of 2009+ and net income of $2.3 billion, or $0.69 per share. Special items totaled a net gain of $2.8 billion, including a $3.4 billion gain related to debt-reduction actions
  • Reduced Automotive structural costs by $1.8 billion, including $1.2 billion in North America+
  • Strong new products drove market share gains in all regions – North America, South America, Europe and Asia Pacific Africa – while achieving further improvements in transaction prices and margins
  • Ford’s customer satisfaction with vehicle quality reached its highest level in North America and now equals Toyota; Ford, Lincoln and Mercury brand vehicles had the fewest “things gone wrong” among all automakers; Ford leads the U.S. industry in Insurance Institute for Highway Safety “Top Safety Pick” awards
  • Ended the second quarter with Automotive gross cash of $21 billion; operating-related cash outflow was $1 billion, an improvement of $2.7 billion from the first quarter of 2009+++
  • Raised $1.6 billion by issuing 345 million new shares of common stock; completed actions to reduce Automotive debt by $10.1 billion
  • Ford Credit reported a pre-tax profit of $646 million, compared with a pre-tax loss of $294 million a year ago+
  • Ford remains on track, based on current planning assumptions, to achieve its key 2011 financial targets
Financial Results Summary

Second Quarter

First Half

2009

O/(U) 2008

2009

O/(U) 2008

Wholesales (000)+

1,172

(390)

2,145

(948)

Revenue (Bils.) +

$ 27.2

$ (11.0)

$      52.0

$    (25.4)

Operating Results +

Automotive Results (Mils.)

$ (1,019)

$    (320)

$ (2,939)

$  (2,862)

Financial Services (Mils.)

595

929

533

803

Pre-Tax Results (Mils.)

$    (424)

$    609

$ (2,406)

$  (2,059)

After-Tax Results (Mils.) ++++

$    (638)

$    768

$ (2,430)

$  (1,501)

Earnings Per Share ++++

$   (0.21)

$    0.42

$   (0.90)

$    (0.48)

Special Items Pre-Tax (Mils.)

$    2,795

$ 10,821

$    3,157

$  11,583

Net Income/(Loss) Attributable to Ford

After-Tax Results (Mils.)

$    2,261

$ 10,958

$      834

$    9,461

Earnings Per Share

$      0.69

$     4.58

$     0.30

$      4.20

Automotive Gross Cash (Bils.) +++

$      21.0

$      (5.6)

$      21.0

$      (5.6)

See end notes on page 10.

DEARBORN, Mich., July 23, 2009 – Ford Motor Company [NYSE: F] today reported a pre-tax operating loss of $424 million in the second quarter of 2009, excluding special items – a $609 million improvement compared with the second quarter of last year – as cost reductions, net pricing, Ford Credit results and market share helped offset the continued impact of the severe global economic downturn. +

On an after-tax basis, excluding special items, Ford posted an operating loss of $638 million in the second quarter, or $0.21 per share, compared with a loss of $1.4 billion, or $0.63 per share, a year ago. +

Ford posted net income of $2.3 billion, or $0.69 per share.  These results compare with a net loss of $8.7 billion, or $3.89 per share, in the second quarter of 2008.†  The results for the second quarter 2009 include a special items net gain totaling $2.8 billion, or $0.90 per share, which includes a $3.4 billion gain related to Ford and Ford Credit’s recent debt-reduction actions.

Ford’s second quarter revenue was $27.2 billion, down $11 billion from the same period a year ago. +

“While the business environment remained extremely challenging around the world, we made significant progress on our transformation plan,” said Ford President and CEO Alan Mulally.  “Our underlying business is growing progressively stronger as we introduce great new products that customers want and value, while continuing to aggressively restructure our business and strengthen our balance sheet.”

In the second quarter, Ford completed several actions to strengthen its overall business, including:

  • Completing a series of transactions that reduced Automotive debt obligations by $10.1 billion, which will save the company more than $500 million a year in interest expense
  • Raising $1.6 billion through the issuance of 345 million shares of Ford common stock
  • Reducing Automotive structural costs by $1.8 billion, including $1.2 billion in North America
  • Reducing the U.S. hourly work force by approximately 1,000 through a buyout program

Ford reached agreement with the UAW, subject to court and other approvals, to allow Ford the option to fund up to half of its VEBA obligations with Ford common stock at market prices instead of fixed prices in 2009, 2010 and 2011.

Ford finished the second quarter with $21 billion in Automotive gross cash, compared with $21.3 billion at the end of the first quarter of 2009.  Automotive operating-related cash flow was $1 billion negative during the second quarter of 2009, an improvement of $2.7 billion from the first quarter of 2009. Automotive operating-related cash flow was $4.7 billion negative during the first half; on track with Ford’s plan. +++

“Ford delivered a very solid quarter, and our transformation plan remains well on track,” said Lewis Booth, Ford executive vice president and chief financial officer.  “We strengthened our balance sheet, reduced cash outflows and improved our year-over-year financial results despite sharply lower industry volumes.”

The following discussion of second quarter highlights and results are on a pre-tax basis and exclude special items.  See tables following “Safe Harbor/Risk Factors” for the nature and amount of these special items and any necessary reconciliation to U.S. GAAP.  Discussion of Automotive operating cost changes is at constant volume, mix, and exchange, and excludes special items.


mustang-splashimg


SECOND QUARTER HIGHLIGHTS

  • Ford gained market share in all regions compared with the second quarter 2008:
    • U.S. market share rose for Ford, Lincoln and Mercury by two points to 16.4 percent.  Canada and Mexico were both up, with increases of 2.8 and 1.1 points, respectively, helping Ford become Canada’s top-selling brand in June for the first time in 50 years
    • Ford’s share of the South American market improved one point to 10.4 percent
    • In Europe, Ford market share rose a half point to 9.0 percent, its highest second quarter level in the past 10 years
    • In the Asia Pacific Africa region, Ford market share was up one-tenth of a point
  • For the first time in the 28-year history of the Global Quality Research System (GQRS) study, U.S. Ford, Lincoln and Mercury brand vehicles had the fewest number of “things gone wrong” among all automakers.  Customer satisfaction with vehicle quality also continued to improve, reaching its highest level in North America and equaling Toyota
  • The company posted an eighth straight year of improvement in the J.D. Power Initial Quality Study.  Ford and Mercury brands placed among the Top 10 in initial quality
  • All Ford brands improved significantly in the J.D. Power APEAL study of customer satisfaction. The Ford F-150 and Ford Flex led their respective segments and were noted for their fuel efficiency and styling
  • Ford average vehicle transaction prices in the U.S. increased at a rate above the industry average, reflecting that customers are equipping these new products with high levels of content and features
  • Ford announced a $550 million investment to transform its Michigan Assembly Plant to build Ford’s next-generation Focus global small car and new battery-electric Focus
  • A new passenger car plant was launched in Thailand in partnership with Mazda to build Mazda2 and Ford Fiesta models, which will be exported throughout the Southeast Asian market beginning this fall
  • Ford qualified for $5.9 billion in loans from the U.S. Department of Energy for advanced fuel efficient vehicles. Ford plans to invest nearly $14 billion in the U.S. over the next seven years on advanced technology vehicles
  • Ford’s total sales in China were up 39 percent in the second quarter of 2009 aided by the strong launch of the new Ford Fiesta and continued strong sales of the Ford Focus
  • The new Ford Fiesta is now Europe’s No. 2-selling car, with more than 300,000 units sold since its introduction there last fall
  • The company successfully completed the European launches of the new Ford Transit Connect, Ford Ranger and Ford Transit ECOnetic
  • Began production of the 2010 Ford Taurus and the high-performance 2010 Ford Taurus SHO in North America.  Ford’s flagship sedan arrives soon in dealer showrooms
  • Production has begun for the 2010 Ford Transit Connect for North America, a purpose-built van for small businesses, which will debut this summer
  • Production is under way for the 3.5-liter V6 EcoBoost engine, which will be available this year on the Lincoln MKS, Ford Flex, Ford Taurus SHO and Lincoln MKT.  EcoBoost delivers the horsepower of a V8 with the fuel efficiency of a V6
  • The Lincoln MKZ, Ford Focus and Volvo C30 earned the “Top Safety Pick” award from the Insurance Institute for Highway Safety.  Ford has more IIHS “Top Safety Pick” awards than any other automaker

AUTOMOTIVE SECTOR +

Automotive Sector*

Second Quarter

First Half

2009

O/(U) 2008

2009

O/(U) 2008

Wholesales (000)

1,172

(390)

2,145

(948)

Revenue (Bils.)

$      24.0

$    (10.1)

$      45.4

$    (23.7)

Pre-Tax Results (Mils.)

$  (1,019)

$     (320)

$  (2,939)

$  (2,862)

*excludes special items

For the second quarter of 2009, Ford’s worldwide Automotive sector reported a pre-tax operating loss of $1 billion, compared with a pre-tax loss of $699 million a year ago.  The decline reflected lower industry volumes, actions to reduce dealer stocks, higher material costs and unfavorable exchange, largely offset by structural cost reductions, favorable net pricing and improved market share.

Worldwide Automotive revenue in the second quarter was $24 billion, down from $34.1 billion a year ago.  The decrease is primarily explained by lower volumes and unfavorable exchange, partly offset by favorable net pricing.  Total vehicle wholesales in the second quarter were 1,172,000, compared with 1,562,000 units a year ago.

Automotive structural cost reductions in the second quarter totaled $1.8 billion, including $1.2 billion in North America.  Manufacturing and engineering costs were $1.1 billion lower, largely reflecting the continued benefits of personnel actions in North America and Europe.  Overall, Ford reduced Automotive structural costs by $3.6 billion in the first half.

Net pricing was about $1.2 billion favorable, primarily explained by higher pricing in the U.S., reflecting the success of new products, including the Ford F-150, Ford Fusion and Ford Mustang, and the continuation of its disciplined approach on incentives.

North America: For the second quarter, Ford North America reported a pre-tax loss of $851 million, compared with a loss of $1.3 billion a year ago.  The improvement was primarily explained by structural cost reductions, favorable net pricing and improved market share, partly offset by lower U.S. industry volume, a reduction in dealer stocks, higher material cost and unfavorable exchange.  Second quarter revenue was $10.8 billion, down from $14.2 billion a year ago.

South America: For the second quarter, Ford South America reported a pre-tax profit of $86 million, compared with a profit of $388 million a year ago.  The decrease primarily reflects unfavorable exchange, higher commodity costs and lower volumes, partly offset by favorable net pricing and product mix.  Second quarter revenue was $1.9 billion, down from $2.4 billion a year ago.

Europe: For the second quarter, Ford Europe reported a pre-tax profit of $138 million, compared with a profit of $582 million a year ago.  The decline was primarily explained by lower industry volume, dealer stock reductions, higher material cost and unfavorable mix, partly offset by structural cost reductions, favorable net pricing and market share improvement.  European pre-tax results improved by about $700 million in the second quarter as compared to the first quarter of 2009.  This improvement primarily reflects higher industry volumes, a smaller decrease in dealer stocks, lower costs and favorable net pricing.  Second quarter revenue was $7.2 billion, down from $11.5 billion a year ago.

Volvo: Volvo is reported as an ongoing operation. The effects of “held-for-sale” accounting-related adjustments are reported as special items. For the second quarter, Volvo reported a pre-tax loss of $231 million, compared with a loss of $120 million a year ago.  The decline primarily reflected lower volumes, partly offset by continued progress on cost reductions and favorable exchange. Second quarter revenue was $2.9 billion, down from $4.3 billion a year ago.

Asia Pacific and Africa: For the second quarter, Ford Asia Pacific and Africa reported a pre-tax loss of $25 million, compared with a profit of $50 million a year ago.  The decline is more than explained by adverse market mix, partly offset by lower costs.  Second quarter revenue was $1.2 billion, down from $1.7 billion a year ago.

Other Automotive: Other Automotive, which consists primarily of interest and financing-related costs, reported a second quarter pre-tax loss of $136 million.  This included net interest expense of $271 million, partly offset by fair market value adjustments, primarily attributable to our investment in Mazda. †


ford_10_F150


FINANCIAL SERVICES SECTOR+

Financial Services Sector*

Second Quarter

First Half

(in millions)

2009

O/(U) 2008

2009

O/(U) 2008

Ford Credit Pre-Tax Results $      646 $      940 $      610 $      872
Other Financial Services (51) (11) (77) (69)
Financial Services Pre-Tax Results $      595 $      929 $      533 $      803
*excludes special items

For the second quarter, the Financial Services sector reported a pre-tax profit of $595 million, compared with a loss of $334 million a year ago.

Ford Motor Credit Company: Ford Credit reported a pre-tax profit of $646 million in the second quarter, compared with a pre-tax loss of $294 million a year ago.  The improvement primarily reflected lower depreciation expense for leased vehicles due to higher auction values, net gains related to unhedged currency exposures, a lower provision for credit losses and lower operating costs. These factors were partly offset by lower volume and non-recurrence of a gain related to the sale of approximately half of Ford Credit’s ownership interest in its Nordic operations.

Other Financial Services: Other Financial Services reported a loss of $51 million in the second quarter, compared with a pre-tax loss of $40 million a year ago. The decline is more than explained by a loss related to a real estate transaction.

OUTLOOK
Despite the severe global downturn, Ford said it continues to make progress on all four pillars of its plan:

  • 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

Ford said it remains on track to achieve or exceed all of its 2009 financial targets and most of its operational metrics.

The company said it now expects full-year market share to improve compared to 2008 in the U.S. and Europe, reflecting share increases in the first half and strong reception to new product introductions.

Ford expects 2009 U.S. industry sales will be between 10.5 million and 11 million units, consistent with the outlook previously communicated by the company. Based on first half European industry volume, Ford now expects that Europe’s full-year industry sales will be in the range of 15 million to 15.5 million units, which is higher than the previous outlook.

Ford expects third quarter 2009 production to be up, compared with 2008 and second quarter 2009 production.  This increase is largely due to tightly controlled inventories and higher market demand for our products.

Ford remains on track to exceed its $4 billion Automotive structural cost reduction target for 2009.  Second half cost reductions, however, will be less than the first half, reflecting the significant cost reductions achieved during the third and fourth quarters of 2008.

Ford expects Automotive operating-related cash flows in the second half to improve from first half levels consistent with its current planning assumptions. However, due to substantial improvements in the second quarter, third quarter levels may not improve sequentially.

Ford Credit expects its second half 2009 results to be lower than its first half 2009 results.  Ford Credit does not expect the net gains related to unhedged currency exposures or improvements in lease residual losses in the amounts experienced in the second quarter 2009 to continue.  A continuing decline in receivables will also contribute to lower second half 2009 results.

Based on its current planning assumptions, Ford has sufficient liquidity to fund its product-led transformation plan and provide a cushion against the uncertain global economic environment.  In addition, Ford will continue to pursue actions to improve its balance sheet.

The company remains on track to achieve its key 2011 financial targets, based on current planning assumptions, including overall and North American Automotive pre-tax results being breakeven or better, excluding special items, and Automotive operating-related cash flow being breakeven or better.

“Our product-led transformation is working, and we are pleased with our progress in the second quarter,” Mulally said.  “While the economic environment remains challenging, I am more convinced than ever we are on the right path to create a healthy and profitably growing Ford.”

Download Full Financial Release (PDF)

Download Slides (PDF)

Related Articles


mulally-thumb

ALAN MULALLY

Title: President and CEO, Ford Motor Company – Joined Ford 2006

Alan Mulally is president and chief executive officer of Ford Motor Company. He also is a member of the company’s Board of Directors.

Prior to joining Ford in September 2006, Mulally served as executive vice president of The Boeing Company, and president and chief executive officer of Boeing Commercial Airplanes.  In that role, he was responsible for all of the company’s commercial airplane programs and related services. Mulally also was a member of the Boeing Executive Council and served as Boeing’s senior executive in the Pacific Northwest.

Mulally was named Boeing’s president of Commercial Airplanes in September 1998. The responsibility of chief executive officer for the business unit was added in March 2001.

Previously, Mulally served as president of Boeing Information, Space & Defense Systems and senior vice president of The Boeing Company. Appointed to that role in February 1997, he was responsible for Boeing’s defense, space and government business.

Beginning in 1994, Mulally was senior vice president of Airplane Development for Boeing Commercial Airplanes Group, responsible for all airplane development activities, flight test operations, certification and government technical liaison.

Earlier, Mulally served as Boeing’s vice president of Engineering, and as vice president and general manager of the 777 program.

Mulally joined Boeing in 1969 and progressed through a number of significant engineering and program-management assignments, including contributions on the 727, 737, 747, 757 and 767 airplanes.

Throughout his career, Mulally has been recognized for his contributions and industry leadership, including being named “Person of the Year” for 2006 by Aviation Week magazine and one of “The Best Leaders of 2005” by BusinessWeek magazine.

Mulally previously served as co-chair of the Washington Competitiveness Council, and sat on the advisory boards of NASA, the University of Washington, the University of Kansas, Massachusetts Institute of Technology and the U.S. Air Force Scientific Advisory Board. He is a member of the United States National Academy of Engineering and a fellow of England’s Royal Academy of Engineering.

He also served as a past president of the American Institute of Aeronautics and Astronautics (AIAA) and is a former president of its Foundation. Additionally, Mulally served as a past chairman of the Board of Governors of the Aerospace Industries Association.

Mulally holds bachelor’s and master’s of science degrees in aeronautical and astronautical engineering from the University of Kansas, and earned a master’s in management from the Massachusetts Institute of Technology as a 1982 Alfred P. Sloan fellow.

A native of Kansas, Mulally is a private pilot and enjoys tennis, golf and reading.


ford_10_MKT


sec_bannerTitle2009 Ford Motor Company Filings (Edgar Database)
SIC: 3711 – MOTOR VEHICLES & PASSENGER CAR BODIES
State location: MI | State of Inc.: DE | Fiscal Year End: 1231
(Assistant Director Office No 5)
Get insider transactions for this issuer.
Get insider transactions for this reporting owner.
Filings Format Description Filing Date File/Film Number
8-K [Documents] Current report, items 2.02 and 9.01
Acc-no: 0001140361-09-016804 (34 Act)
2009-07-23 001-03950
09958235
8-K [Documents] Current report, items 5.02 and 9.01
Acc-no: 0000950123-09-023094 (34 Act)
2009-07-17 001-03950
09950196
8-K [Documents] Current report, items 8.01 and 9.01
Acc-no: 0001140361-09-015599 (34 Act)
2009-07-01 001-03950
09922177
8-K [Documents] Current report, items 8.01 and 9.01
Acc-no: 0001140361-09-015392 (34 Act)
2009-06-29 001-03950
09916367
11-K [Documents] Annual report of employee stock purchase, savings and similar plans
Acc-no: 0000950123-09-017895 (34 Act)
2009-06-26 001-03950
09912902
11-K [Documents] Annual report of employee stock purchase, savings and similar plans
Acc-no: 0000950123-09-017886 (34 Act)
2009-06-26 001-03950
09912873
SC 13G/A [Documents] [Amend]Statement of acquisition of beneficial ownership by individuals
Acc-no: 0000070858-09-000248 (34 Act)
2009-06-10 005-30156
09884308
UPLOAD [Documents] [Cover]Acc-no: 0000000000-09-029961 2009-06-05
8-K [Documents] Current report, items 8.01 and 9.01
Acc-no: 0001140361-09-013720 (34 Act)
2009-06-02 001-03950
09868349
CORRESP [Documents] [Cover]Correspondence
Acc-no: 0001140361-09-012989
2009-05-21
8-K/A [Documents] [Amend]Current report, item 5.02
Acc-no: 0001362310-09-007967 (34 Act)
2009-05-20 001-03950
09842417
8-K [Documents] Current report, item 8.01
Acc-no: 0000950103-09-001104 (34 Act)
2009-05-14 001-03950
09824032
424B2 [Documents] Prospectus [Rule 424(b)(2)]
Acc-no: 0000950152-09-005168 (33 Act)
2009-05-13 333-151355
09822250
FWP [Documents] Filing under Securities Act Rules 163/433 of free writing prospectuses
Acc-no: 0000950103-09-001095 (34 Act)
2009-05-13 333-151355
09820272
8-K [Documents] Current report, items 8.01 and 9.01
Acc-no: 0001140361-09-011696 (34 Act)
2009-05-11 001-03950
09815438
FWP [Documents] Filing under Securities Act Rules 163/433 of free writing prospectuses
Acc-no: 0000950103-09-001074 (34 Act)
2009-05-11 333-151355
09815385
424B2 [Documents] Prospectus [Rule 424(b)(2)]
Acc-no: 0000950152-09-005081 (33 Act)
2009-05-11 333-151355
09815380
10-Q [Documents] Quarterly report [Sections 13 or 15(d)]
Acc-no: 0001140361-09-011558 (34 Act)
2009-05-08 001-03950
09810754
8-K [Documents] Current report, items 8.01 and 9.01
Acc-no: 0001140361-09-010766 (34 Act)
2009-05-01 001-03950
09788594
8-K [Documents] Current report, items 2.02, 2.06, and 9.01
Acc-no: 0001140361-09-010217 (34 Act)
2009-04-24 001-03950
09767992
SC TO-I/A [Documents] [Amend]Tender offer statement by Issuer
Acc-no: 0000950103-09-000780 (34 Act)
2009-04-08 005-30156
09739216
8-K [Documents] Current report, items 3.02 and 8.01
Acc-no: 0000950103-09-000779 (34 Act)
2009-04-08 001-03950
09739211
8-K [Documents] Current report, items 8.01 and 9.01
Acc-no: 0000950103-09-000756 (34 Act)
2009-04-06 001-03950
09734535
SC TO-I/A [Documents] [Amend]Tender offer statement by Issuer
Acc-no: 0000950103-09-000755 (34 Act)
2009-04-06 005-30156
09734531
DEF 14A [Documents] Other definitive proxy statements
Acc-no: 0000950152-09-003486 (34 Act)
2009-04-03 001-03950
09730115
UPLOAD [Documents] [Cover]Acc-no: 0000000000-09-017176 2009-04-02
8-K [Documents] Current report, items 8.01 and 9.01
Acc-no: 0001140361-09-008566 (34 Act)
2009-04-01 001-03950
09722951
PRER14A [Documents] [Cover]Preliminary Proxy Soliciting materials
Acc-no: 0000950124-09-000086 (34 Act)
2009-03-27 001-03950
09709730
UPLOAD [Documents] [Cover]Acc-no: 0000000000-09-015526 2009-03-26
8-K [Documents] Current report, items 5.02 and 9.01
Acc-no: 0001140361-09-007891 (34 Act)
2009-03-25 001-03950
09704453
PRE 14A [Documents] Other preliminary proxy statements
Acc-no: 0000950124-09-000080 (34 Act)
2009-03-24 001-03950
09701442
8-K [Documents] Current report, items 8.01 and 9.01
Acc-no: 0000950103-09-000600 (34 Act)
2009-03-23 001-03950
09698607
SC TO-I/A [Documents] [Amend]Tender offer statement by Issuer
Acc-no: 0000950103-09-000540 (34 Act)
2009-03-13 005-30156
09680839
8-K [Documents] Current report, items 1.01 and 8.01
Acc-no: 0001140361-09-006934 (34 Act)
2009-03-13 001-03950
09679326
8-K [Documents] Current report, items 8.01 and 9.01
Acc-no: 0000950103-09-000456 (34 Act)
2009-03-04 001-03950
09656222
SC TO-I [Documents] Tender offer statement by Issuer
Acc-no: 0000950103-09-000455 (34 Act)
2009-03-04 005-30156
09655874
8-K [Documents] Current report, items 8.01 and 9.01
Acc-no: 0001140361-09-005695 (34 Act)
2009-03-03 001-03950
09651497
S-8 [Documents] Securities to be offered to employees in employee benefit plans
Acc-no: 0000950152-09-001943 (33 Act)
2009-02-27 333-157584
09643116
10-K [Documents] Annual report [Section 13 and 15(d), not S-K Item 405]
Acc-no: 0001140361-09-005071 (34 Act)
2009-02-26 001-03950
09635521
SC 13G/A [Documents] [Amend]Statement of acquisition of beneficial ownership by individuals
Acc-no: 0000902219-09-000720 (34 Act)
2009-02-17 005-30156
09611293
SC 13G/A [Documents] [Amend]Statement of acquisition of beneficial ownership by individuals
Acc-no: 0001422848-09-000267 (34 Act)
2009-02-17 005-30156
09605575
SC 13G/A [Documents] [Amend]Statement of acquisition of beneficial ownership by individuals
Acc-no: 0000070858-09-000147 (34 Act)
2009-02-13 005-30156
09602101
SC 13G/A [Documents] [Amend]Statement of acquisition of beneficial ownership by individuals
Acc-no: 0001144204-09-007350 (34 Act)
2009-02-12 005-30156
09593622
8-K [Documents] Current report, items 2.03, 8.01, and 9.01
Acc-no: 0001140361-09-002613 (34 Act)
2009-02-03 001-03950
09565728
8-K [Documents] Current report, items 2.02 and 9.01
Acc-no: 0001140361-09-002047 (34 Act)
2009-01-29 001-03950
09552857
8-K [Documents] [Financial Viewer] Current report, items 8.01 and 9.01
Acc-no: 0001157523-09-000291 (34 Act)
2009-01-16 001-03950
09530902
S-8 [Documents] Securities to be offered to employees in employee benefit plans
Acc-no: 0000950152-09-000142 (33 Act)
2009-01-08 333-156631
09515835
S-8 [Documents] Securities to be offered to employees in employee benefit plans
Acc-no: 0000950152-09-000141 (33 Act)
2009-01-08 333-156630
09515784
8-K [Documents] Current report, items 8.01 and 9.01
Acc-no: 0001140361-09-000244 (34 Act)
2009-01-05 001-03950
09503847

Filings & Forms

All companies, foreign and domestic, are required to file registration statements, periodic reports, and other forms electronically through EDGAR. Anyone can access and download this information for free. Here you’ll find links to a complete list of filings available through EDGAR and instructions for searching the EDGAR database.

Quick EDGAR Tutorial


Search for Company Filings

Related Links

Bill Ford Tells CNNMoney How We Avoided Bankruptcy

Hot Air:  Shocker: Ford posts a profit

Consumer Reports:  Best and worst used cars

The Daily Crux:  Detroit must “revolt against Komrade Obama” to survive

Economist:  A stony road


END

Advertisements