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Financial Reports and SEC Filings

Financial Reports & SEC Filings

Q4 2008 Results

SEC Filing Webcast Slide

Ford Reports 4th Quarter 2008 Net Loss of $5.9 Billion; Gained Market Share In U.S., Europe, Achieved Cost Target

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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

 

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)

 

 

 

 

 

Continuing Operations ++

 

 

 

 

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)

 

 

 

 

 

After-Tax Results (Mils.)

  $  (3,273)

  $  2,786)

  $  (7,119)

  $  6,695)

 

 

 

 

 

Earnings Per Share ++++

  $    (1.37)

  $   (1.14)

  $    (3.13)

  $    (2.92)

 

 

 

 

 

Special Items Pre-Tax (Mils.)

  $  (1,386)

  $    2,466

  $  (7,605)

  $ (3,733)

 

 

 

 

 

Net Income

 

 

 

 

After-Tax Results (Mils.)

$    (5,875)

$   (3,064)

$  (14,571)

$ (11,848)

Earnings Per Share

$      (2.46)

$     (1.13)

$      (6.41)

$     (5.03)

 

 

 

 

 

Automotive Gross Cash (Bils.) +++

$      13.4

$    (21.2)

$      13.4

$    (21.2)

See end notes on page 11.

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