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- Net loss of $5.9 billion, or $2.46 per share, for the fourth quarter of 2008 amid a sharp global decline in vehicle demand; pre-tax loss of $3.7 billion from continuing operations, excluding special items. ++
- Reduced Automotive costs by $1.4 billion in fourth quarter and $4.4 billion in 2008 versus year-ago levels. Achieved $5.1 billion in North America cost reductions at year-end 2008 compared with 2005, excluding favorable impact of depreciation and amortization from asset impairment at the end of the second quarter.
- Decisively reduced global dealer stocks by more than 50,000 vehicles compared with the third quarter. Ford now has among the lowest days’ supply in the industry.
- Product transformation continues to gain strength, helping the company to gain market share in Europe for fourth quarter and full year, and in the U.S. in the fourth quarter.
- Total liquidity of $24 billion, including Automotive gross cash of $13.4 billion, at Dec. 31, 2008. +++
- Ford is drawing its available credit lines due to concerns about the instability of the capital markets with the uncertain state of the economy. The $10.1 billion will be added to company cash for the first quarter 2009.
- The United Auto Workers union has agreed to end the “jobs bank” at Ford. The company and the union are presently working out the details of implementation.
- Based on current planning assumptions, Ford has sufficient Automotive liquidity to fund its business plan and product investments and does not need a bridge loan from the U.S. government.
- Ford remains on track for both its overall and its North American Automotive pre-tax results to be at or above breakeven in 2011, excluding special items.
| Financial Results Summary | Fourth Quarter | Full Year | ||
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| 2008 | O/(U) 2007 | 2008 | O/(U) 2007 |
| Wholesales (000) ++ | 1,138 | (505) | 5,404 | (1,149) |
| Revenue (Bils.) ++ | $ 29.2 | $ (16.3) | $ 139.3 | $ (34.6) |
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| Continuing Operations ++ |
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| Automotive Results (Mils.) | $ 3,279) | $ 2,390) | $ (6,203) | $ (5,105) |
| Financial Services (Mils.) | (384) | (653) | ( 495) | (1,719) |
| Pre-Tax Results (Mils.) | $ (3,663) | $ 3,043) | $ (6,698) | $ 6,824) |
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| After-Tax Results (Mils.) | $ (3,273) | $ 2,786) | $ (7,119) | $ 6,695) |
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| Earnings Per Share ++++ | $ (1.37) | $ (1.14) | $ (3.13) | $ (2.92) |
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| Special Items Pre-Tax (Mils.) | $ (1,386) | $ 2,466 | $ (7,605) | $ (3,733) |
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| Net Income |
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| After-Tax Results (Mils.) | $ (5,875) | $ (3,064) | $ (14,571) | $ (11,848) |
| Earnings Per Share | $ (2.46) | $ (1.13) | $ (6.41) | $ (5.03) |
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| Automotive Gross Cash (Bils.) +++ | $ 13.4 | $ (21.2) | $ 13.4 | $ (21.2) |
See end notes on page 11.
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