Ford Earnings are Strong for First Quarter 2013

Herald Online - April 24, 2013

Ford earn­ings for the first quar­ter 2013 are dri­ven by high­est North Amer­i­can prof­it in more than a decade, accord­ing to the earn­ings report.

Get the details on strong first quar­ter returns for Ford Motor Co.

Ford Motor Com­pa­ny today report­ed first quar­ter 2013 pre-tax prof­it of $2.1 bil­lion, dri­ven by record results from North Amer­i­ca and con­tin­ued sol­id per­for­mance from Ford Cred­it.

  • Strong full year pre-tax prof­it was $8 bil­lion, or $1.41 per share, a decrease of $797 mil­lion from a year ago
  • Full year net income was $5.7 bil­lion, or $1.42 per share; exclud­ing impact of 2011 changes in val­u­a­tion allowance against deferred tax assets, full year 2012 net income was $307 mil­lion low­er than 2011
  • Pos­i­tive Auto­mo­tive oper­at­ing-relat­ed cash flow was $3.4 bil­lion for the full year and $1 bil­lion for the fourth quar­ter — the 11th con­sec­u­tive quar­ter of pos­i­tive per­for­mance. Ford end­ed 2012 with Auto­mo­tive gross cash of $24.3 bil­lion, exceed­ing debt by $10 bil­lion, and a strong liq­uid­i­ty posi­tion of $34.5 bil­lion, an increase of $2.1 bil­lion over 2011
  • Ford had its high­est fourth quar­ter pre-tax prof­it in more than a decade — when trucks and SUVs were a more sig­nif­i­cant por­tion of the U.S. prod­uct mix — at $1.7 bil­lion, or $0.31 per share, an increase of $577 mil­lion from fourth quar­ter 2011. Ford has now post­ed a pre-tax oper­at­ing prof­it for 14 con­sec­u­tive quar­ters

“Our strong first quar­ter results pro­vide fur­ther proof that our One Ford plan con­tin­ues to deliv­er,” said Alan Mulal­ly, Ford pres­i­dent and CEO. “Our plan remains cen­tered on serv­ing cus­tomers in all mar­kets around the world with a full fam­i­ly of vehi­cles — small, medi­um and large; cars, util­i­ties and trucks — each with the very best qual­i­ty, fuel effi­cien­cy, safe­ty, smart design and val­ue.”

Click here for the full earn­ings report for Ford Motor Co. first quar­ter 2013.

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