1st Quarter Results

RNS Number : 1343R

Ford Motor Co

24 April 2009

 

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IMMEDIATE RELEASE

FORD REPORTS FIRST QUARTER 2009 NET LOSS OF $1.4 BILLION*; STRENGTHENS BALANCE SHEET, LAUNCHES KEY NEW VEHICLES

• Net loss of $1.4 billion, or $0.60 per share, for the first quarter of 2009; pre-tax operating loss of approximately $2 billion, excluding special items**

• Results for total company operations improved as compared with the fourth quarter of 2008

• Ended first quarter with Automotive gross cash of $21.3 billion.*** Significantly reduced operating-related cash outflow compared with the third and fourth quarters of 2008 despite further declines in volume

• Launched new Ford Fusion, Fusion Hybrid, Mustang, Focus RS and four-door Fiesta as well as Lincoln MKZ, Mercury Milan and Milan Hybrid. Gained market share in Europe and South America.

• Executed actions to reduce Automotive debt obligations by $10.1 billion - which were completed and recognized in March and April - and lower annual cash interest payments by more than $500 million

• Modified collective bargaining agreement with the UAW, lowering Ford's annual U.S. labor costs by about $500 million; reached agreement in principle with the UAW, subject to court and other approvals, to allow Ford to settle up to half of its cash VEBA obligations with Ford common stock

• Reduced Automotive structural costs by $1.9 billion, including $1.3 billion in North America

• Ford remains on track to meet or beat its financial targets based on current planning assumptions, including the target for its overall and North American Automotive pre-tax results to be breakeven or better in 2011, excluding special items

  Click on, or paste the following link into your web browser, to view the First Quarter Results.

  http://www.rns-pdf.londonstockexchange.com/rns/1343R_1-2009-4-24.pdf

 

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