Second Quarter Results

RNS Number : 1960W

Ford Motor Co

23 July 2009

 



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IMMEDIATE RELEASE

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

• 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

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