Company Website:
http://corporate.ford.com/
DEARBORN, Mich. -- (Business Wire)
Ford Motor Company (NYSE: F):
-
Full year 2014 pre-tax profit of $6.3 billion, a decline of $2.3
billion compared with a year ago; full year after-tax earnings,
excluding special items, were $1.16 per share, 47 cents lower compared
with a year ago
-
Full year net income of $3.2 billion, or 80 cents per share
-
Automotive pre-tax profit of $4.5 billion; North America profitable
and Asia Pacific posted a record profit; Europe and Middle East &
Africa both improved; South America reported a loss
-
Wholesale volume about equal to a year ago and company revenue down 2
percent; achieved record market share in Asia Pacific, driven by
record share in China
-
Best results at Ford Credit since 2011
-
Record-setting year of 24 vehicles launched globally, including the
all-new F-150, Mustang, Escort, Ka, Transit and Lincoln MKC
-
Fourth quarter pre-tax profit of $1.1 billion, a decrease of $197
million compared with a year ago; after-tax earnings per share of 26
cents, excluding special items; 22nd consecutive profitable
quarter
-
Fourth quarter net income of $52 million — or 1 cent per share, a
decrease of $3 billion compared with a year ago — includes a
non-repeat of a favorable $2.1 billion special tax item from a year
ago; pre-tax special item charges of $1.2 billion reflecting primarily
a one-time accounting change for Ford’s Venezuela operations, as well
as separation-related actions in Europe and Asia Pacific to support
the company’s transformation plans, and the settlement of the
company’s 2016 Convertible Notes
-
Fourth quarter wholesale volume and company revenue declined
year-over-year by 2 percent and 5 percent, respectively; positive
Automotive operating-related cash flow of $500 million; Automotive
gross cash of $21.7 billion at end of fourth quarter exceeded debt by
$7.9 billion
-
Global pension plans status is unchanged despite significantly lower
discount rates, reflecting the success of the de-risking strategy
-
2015 outlook for company pre-tax profit is unchanged and expected to
range from $8.5 billion to $9.5 billion; higher Automotive revenue and
operating margin compared with 2014; improved outlook for Automotive
operating-related cash flow from positive to higher than 2014
Financial Results Summary* |
| Fourth Quarter |
| Full Year |
| | 2013 |
|
| 2014 |
|
| B/(W) 2013 | | 2013 |
|
| 2014 |
|
| B/(W) 2013 |
Wholesales (000)
| | |
1,610
| | | | |
1,580
| | | | |
(30
|
)
| | |
6,330
| | | | |
6,323
| | | | |
(7
|
)
|
Revenue (Bils.)
| |
$
|
37.6
| | | |
$
|
35.9
| | | |
$
|
(1.7
|
)
| | |
146.9
| | | |
$
|
144.1
| | | |
$
|
(2.8
|
)
|
Operating Results** | | | | | | | | | | | | | | | | | | | | | | |
Pre-tax results (Mils.)
| |
$
|
1,318
| | | |
$
|
1,121
| | | |
$
|
(197
|
)
| | |
8,608
| | | |
$
|
6,282
| | | |
$
|
(2,326
|
)
|
After-tax results (Mils.)
| | |
1,297
| | | | |
1,048
| | | | |
(249
|
)
| | |
6,593
| | | | |
4,633
| | | | |
(1,960
|
)
|
Earnings per share**
| | |
0.32
| | | | |
0.26
| | | | |
(0.06
|
)
| | |
1.63
| | | | |
1.16
| | | | |
(0.47
|
)
|
Special items pre-tax (Mils.)
| |
$
|
(311
|
)
| | |
$
|
(1,177
|
)
| | |
$
|
(866
|
)
| |
$
|
(1,568
|
)
| | |
$
|
(1,940
|
)
| | |
$
|
(372
|
)
|
Net income attributable to Ford | | | | | | | | | | | | | | | | | | | | | | |
After-tax results (Mils.)
| |
$
|
3,066
| | | |
$
|
52
| | | |
$
|
(3,014
|
)
| |
$
|
7,182
| | | |
$
|
3,187
| | | |
$
|
(3,995
|
)
|
Earnings per share
| | |
0.75
| | | | |
0.01
| | | | |
(0.74
|
)
| | |
1.77
| | | | |
0.80
| | | | |
(0.97
|
)
|
Automotive | | | | | | | | | | | | | | | | | | | | | | |
Operating-related cash flow (Bils.)
| |
$
|
0.5
| | | |
$
|
0.5
| | | |
$
|
—
| | |
$
|
6.1
| | | |
$
|
3.6
| | | |
$
|
(2.5
|
)
|
| | | | | | | | | | | | | | | | | | | | | |
|
Gross cash (Bils.)
| |
$
|
24.8
| | | |
$
|
21.7
| | | |
$
|
(3.1
|
)
| |
$
|
24.8
| | | |
$
|
21.7
| | | |
$
|
(3.1
|
)
|
Debt (Bils.)
| |
|
(15.7
|
)
| | |
|
(13.8
|
)
| | |
|
1.9
|
| |
|
(15.7
|
)
| | |
|
(13.8
|
)
| | |
|
1.9
|
|
Net cash (Bils.)
| |
$
|
9.1
|
| | |
$
|
7.9
|
| | |
$
|
(1.2
|
)
| |
$
|
9.1
|
| | |
$
|
7.9
|
| | |
$
|
(1.2
|
)
|
* See end note on page 9. |
** See end note on page 9. |
|
Ford Motor Company (NYSE: F) today reported a 2014 full-year pre-tax
profit of $6.3 billion, the company’s fifth consecutive year of both
profitability and positive Automotive operating-related cash flow. Company
results, which were consistent with September guidance, were driven
by profitability in North America, record results in Asia Pacific, and
the highest Ford Credit profit since 2011.
Full year after-tax earnings, excluding special items, were $1.16 per
share, 47 cents lower. Net income of $3.2 billion, or 80 cents per
share, was $4 billion lower than a year ago, including the non-repeat of
a favorable fourth quarter $2.1 billion tax special item from a year
ago. Wholesale volume was about equal with 2013, while company revenue
declined 2 percent. Ford achieved record market share in Asia Pacific,
driven by record share in China.
The company’s fourth quarter pre-tax profit was $1.1 billion, excluding
special items, $197 million lower than a year ago with after-tax
earnings per share at 26 cents, 6 cents lower than a year ago. This was
the company’s 22nd consecutive quarter of profitability.
Pre-tax special item charges of $1.2 billion primarily reflects a
one-time accounting change for Ford’s Venezuela operations, as well as,
separation-related actions in Europe and Asia Pacific to support the
company’s transformation plans, and charges associated with the
settlement of the 2016 Convertible Notes. Net income was $52 million, or
one cent per share, $3 billion lower than a year ago.
Ford generated positive Automotive operating-related cash flow of $500
million in the fourth quarter. Automotive gross cash was $21.7 billion,
which exceeded debt by $7.9 billion, and liquidity remained strong.
“2014 was a solid yet challenging year for Ford — with our investments
and a record number of new products launched around the world
positioning us for strong growth this year and beyond,” said Mark
Fields, Ford president and CEO. “The entire Ford team remains focused on
our three priorities of accelerating our One Ford plan, delivering
product excellence and driving innovation in every part of the business.”
As a result of Ford’s 2014 financial performance, the company will make
profit-sharing payments to approximately 50,000 eligible U.S. hourly
employees on March 12, 2015. As part of the UAW-Ford collective
bargaining agreement, Ford North America pre-tax profits of $6.9 billion
will generate profit-sharing payments of approximately $6,900 per
eligible employee on a full year basis. Individual profit-sharing
payments may be higher or lower based on employee compensated hours.
The company’s worldwide pension plans were underfunded by $9 billion at
the end of 2014, unchanged from the end of 2013 despite significantly
lower discount rates, the impact of which was offset by asset returns,
contributions and favorable exchange. The results are clear evidence
that Ford’s de-risking strategy is working. Of the $9 billion
underfunded status, about $6.5 billion, or about 70 percent, is
associated with unfunded plans. The company made $1.5 billion in cash
contributions to its worldwide funded plans, down $3.5 billion
reflecting its improved funded status. In 2015, cash contributions to
Ford’s funded plans are expected to be about $1.1 billion globally, most
of which are mandatory.
AUTOMOTIVE SECTOR
|
| Fourth Quarter |
|
| Full Year |
| | 2013 |
|
| 2014 |
|
| B/(W) 2013 | | | 2013 |
|
| 2014 |
|
| B/(W) 2013 |
Wholesales (000)
| |
1,610
|
| | | |
1,580
|
| | | |
(30
|
)
|
| | | |
6,330
|
| | | |
6,323
|
| | | |
(7
|
)
|
| |
Revenue (Bils.)
| |
$
|
|
|
|
35.6
| | | | |
$
|
|
|
|
33.8
| | | | |
$
|
|
(1.8
|
)
| | | | |
$
|
|
|
|
139.4
| | | | |
$
|
|
|
|
135.8
| | | | |
$
|
|
(3.6
|
)
| | |
Operating Margin (Pct.)
| |
3.2
| |
%
| | |
2.8
| |
%
| | |
(0.4
|
)
| |
pts.
| | |
5.4
| |
%
| | |
3.9
| |
%
| | |
(1.5
|
)
| |
pts.
|
Pre-tax results (Mils.)
| |
$
| | | |
963
| | | | |
$
| | | |
713
| | | | |
$
| |
(250
|
)
| | | | |
$
| | | |
6,936
| | | | |
$
| | | |
4,488
| | | | |
$
| |
(2,448
|
)
| | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Total Automotive fourth quarter wholesale volume and revenue decreased
by 2 percent and 5 percent, respectively, from a year ago. The lower
volume is more than explained by North America, while the revenue
decline reflects all business units; about half of the revenue decline
is attributable to unfavorable exchange. Operating margin and pre-tax
profit were both lower than a year ago as a result of North America.
Full year volume was about equal to a year ago, while Automotive revenue
was down 3 percent, more than explained by lower volume from
consolidated operations and unfavorable exchange. Operating margin and
Automotive pre-tax profit also were down driven by the Americas; all
other business units improved.
“Our 2014 results were driven by solid profitability in North America,
strong results from Ford Credit, and record performance in Asia
Pacific,” said Bob Shanks, executive vice president and chief financial
officer. “We expect strong growth and improved financial performance in
2015 driven by our investments in new products and capacity.”
North America
|
| Fourth Quarter |
|
| Full Year |
| | 2013 |
|
| 2014 |
|
| B/(W) 2013 | | | 2013 |
|
| 2014 |
|
| B/(W) 2013 |
Wholesales (000)
| |
744
|
| | | |
700
|
| | | |
(44
|
)
|
| | | |
3,006
|
| | | |
2,842
|
| | | |
(164
|
)
|
| |
Revenue (Bils.)
| |
$
|
|
|
|
22.0
| | | | |
$
|
|
|
|
20.9
| | | | |
$
|
|
(1.1
|
)
| | | | |
$
|
|
|
|
86.5
| | | | |
$
|
|
|
|
82.4
| | | | |
$
|
|
(4.1
|
)
| | |
Operating Margin (Pct.)
| |
8.2
| |
%
| | |
7.4
| |
%
| | |
(0.8
|
)
| |
pts.
| | |
10.2
| |
%
| | |
8.4
| |
%
| | |
(1.8
|
)
| |
pts.
|
Pre-tax results (Mils.)
| |
$
| | | |
1,800
| | | | |
$
| | | |
1,548
| | | | |
$
| |
(252
|
)
| | | | |
$
| | | |
8,809
| | | | |
$
| | | |
6,898
| | | | |
$
| |
(1,911
|
)
| | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
North America continues to benefit from robust industry sales, Ford’s
strong product lineup, continued discipline in matching production with
demand and a lean cost structure.
In the fourth quarter, North America’s pre-tax profit was $1.5 billion,
down $252 million compared with a year ago, and was more than explained
by the impact of new products launched in the quarter.
Wholesale volume and revenue declined 5 percent to 6 percent. The volume
decrease reflects lower market share and lower dealer stock increases
than a year ago. The decrease was partially offset by higher industry
sales, including a U.S. seasonally adjusted annual sales rate of 17.2
million units, 1.2 million units higher than a year ago. North America’s
revenue decline is explained by the lower volume.
Fourth quarter U.S. market share was 14.3 percent, down 1.1 percentage
points from a year ago — largely retail related. This primarily reflects
lower F-150 share as Ford balanced share with transaction prices and
stocks as the company launched the all-new vehicle. Shares were also
lower for several other products at the end of their product cycles as
the company transitioned to the new products launched in the fourth
quarter and early 2015. North America’s operating margin was 7.4
percent, down 0.8 percentage points from last year.
For the full year, all metrics declined from a year ago. The change in
financial metrics is more than explained by lower volume and higher
warranty costs, including recalls. Operating margin was 8.4 percent,
slightly better than the company’s September guidance.
South America
|
| Fourth Quarter |
|
| Full Year |
| | 2013 |
|
| 2014 |
|
| B/(W) 2013 | | | 2013 |
|
| 2014 |
|
| B/(W) 2013 |
Wholesales (000)
| |
135
| | | | |
132
| | | | |
(3
|
)
|
| | | |
538
| | | | |
463
| | | | |
(75
|
)
|
| |
Revenue (Bils.)
| |
$
|
|
|
|
2.7
| | | | |
$
|
|
|
|
2.5
| | | | |
$
|
|
(0.2
|
)
| | | | |
$
|
|
|
|
10.8
| | | | |
$
|
|
|
|
8.8
| | | | |
$
|
|
(2.0
|
)
| | |
Operating Margin (Pct.)
| |
(4.7
|
)
|
%
| | |
(7.6
|
)
|
%
| | |
(2.9
|
)
| |
pts.
| | |
(0.3
|
)
|
%
| | |
(13.2
|
)
|
%
| | |
(12.9
|
)
| |
pts.
|
Pre-tax results (Mils.)
| |
$
| | | |
(126
|
)
| | | |
$
| | | |
(187
|
)
| | | |
$
| |
(61
|
)
| | | | |
$
| | | |
(33
|
)
| | | |
$
| | | |
(1,162
|
)
| | | |
$
| |
(1,129
|
)
| | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
South America continues to expand its product lineup and has replaced
legacy products with global One Ford offerings. Ford is working to
manage the effects of slowing GDP growth, lower industry volumes in
South America’s larger markets, weaker currencies, high inflation, and
policy uncertainty in some countries.
South America reported a pre-tax loss of $187 million in the fourth
quarter, a decline of $61 million from the prior year, higher warranty
costs, including a field service action, more than explain the
deterioration.
In the fourth quarter, wholesale volume and revenue decreased by 2
percent and 9 percent, respectively. The lower volume is more than
explained by an 800,000-unit decline from last year’s SAAR of 6.1
million units. This primarily reflects the impact of import restrictions
in Argentina and the weaker economy in Brazil. The decline in revenue is
more than explained by weaker currencies and unfavorable volume and mix,
offset partially by higher net pricing.
South America’s fourth quarter market share, at 9.4 percent, was up 0.9
percentage points from a year ago primarily due to the successful
introduction of the new Ka as well as Focus. Operating margin was
negative 7.6 percent, down 2.9 percentage points.
For the full year, all metrics declined from a year ago driven by
unfavorable changes in external factors. The full year loss includes
$426 million of adverse balance sheet exchange effects, primarily
related to the devaluation of the Venezuela bolivar in the first quarter.
Europe
|
| Fourth Quarter |
|
| Full Year |
| | 2013 |
|
| 2014 |
|
| B/(W) 2013 | | | 2013 |
|
| 2014 |
|
| B/(W) 2013 |
Wholesales (000)
| |
307
| | | | |
323
| | | | |
16
| |
| | | |
1,317
| | | | |
1,387
| | | | |
70
| |
| |
Revenue (Bils.)
| |
$
|
|
|
|
7.0
| | | | |
$
|
|
|
|
6.8
| | | | |
$
|
|
(0.2
|
)
| | | | |
$
|
|
|
|
27.3
| | | | |
$
|
|
|
|
29.5
| | | | |
$
|
|
2.2
| | | |
Operating Margin (Pct.)
| |
(7.6
|
)
|
%
| | |
(6.5
|
)
|
%
| | |
1.1
| | |
pts.
| | |
(5.3
|
)
|
%
| | |
(3.6
|
)
|
%
| | |
1.7
| |
pts.
|
Pre-tax results (Mils.)
| |
$
| | | |
(529
|
)
| | | |
$
| | | |
(443
|
)
| | | |
$
| |
86
| | | | | |
$
| | | |
(1,442
|
)
| | | |
$
| | | |
(1,062
|
)
| | | |
$
| |
380
| | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Ford continues to implement its European Transformation Plan focused on
product, brand and cost.
Europe reported a fourth quarter pre-tax loss of $443 million, an $86
million improvement from a year ago. The improvement is more than
explained by favorable market factors, offset partially by Russia.
In the fourth quarter, wholesale volume improved 5 percent from a year
ago, while revenue declined 2 percent. The higher volume is more than
explained by a 500,000-unit increase in the Europe 20 SAAR, to 15.1
million units, and a lower dealer stock reduction compared with a year
ago. The decline in revenue is more than explained by unfavorable
exchange.
The focus on product and brand saw continued progress in the quarter,
with the launch of the new Focus and the all-new Mondeo. Ford’s Europe
20 market share, at 7.6 percent, was up 0.2 percentage points from a
year ago. This was driven by a 2.8 percentage point improvement in the
company’s commercial vehicle share, to 11.7 percent, reflecting the
success of the company’s full line of new Transit vehicles and the
continued strong performance of the Ranger compact pickup. Europe’s
operating margin was negative 6.5 percent, an improvement of 1.1
percentage points from a year ago.
For the full year, all metrics improved from a year ago.
Middle East & Africa
|
| Fourth Quarter |
|
| Full Year |
| | 2013 |
|
| 2014 |
|
| B/(W) 2013 | | | 2013 |
|
| 2014 |
|
| B/(W) 2013 |
Wholesales (000)
| |
49
| | | | |
44
| | | | |
(5
|
)
|
| | | |
199
| | | | |
192
| | | | |
(7
|
)
|
| |
Revenue (Bils.)
| |
$
|
|
|
|
1.0
| | | | |
$
|
|
|
|
1.0
| | | | |
$
|
|
—
| | | | | |
$
|
|
|
|
4.5
| | | | |
$
|
|
|
|
4.4
| | | | |
$
|
|
(0.1
|
)
| | |
Operating Margin (Pct.)
| |
(10.2
|
)
|
%
| | |
(8.2
|
)
|
%
| | |
2.0
| | |
pts.
| | |
(1.5
|
)
|
%
| | |
(0.5
|
)
|
%
| | |
1.0
| | |
pts.
|
Pre-tax results (Mils.)
| |
$
| | | |
(104
|
)
| | | |
$
| | | |
(82
|
)
| | | |
$
| |
22
| | | | | |
$
| | | |
(69
|
)
| | | |
$
| | | |
(20
|
)
| | | |
$
| |
49
| | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Middle East & Africa, where Ford is focused on building on its
distribution capability, expanding its One Ford product offering
tailored to the needs of markets in the region, and leveraging global
low-cost sourcing hubs for vehicles in this fast-growing region.
The business unit reported a loss of $82 million for the fourth quarter,
$22 million improvement than a year ago. Operating margin was negative
8.2 percent, a 2 percentage point improvement from last year. The
improvement is more than explained by higher net pricing and favorable
mix.
In the fourth quarter, wholesale volume and revenue declined from a year
ago by 10 percent and 2 percent, respectively. The lower volume
primarily reflects an unfavorable change in dealer stocks to align with
near-term market demand.
Full year wholesale volume and revenue declined compared with a year ago
and operating margin and profit improved.
Asia Pacific
|
| Fourth Quarter |
|
| Full Year |
| | 2013 |
|
| 2014 |
|
| B/(W) 2013 | | | 2013 |
|
| 2014 |
|
| B/(W) 2013 |
Wholesales (000)
| |
375
|
| | | |
381
|
| | | |
6
| |
| | | |
1,270
|
| | | |
1,439
|
| | | |
169
|
|
| |
Revenue (Bils.)
| |
$
|
|
|
|
2.9
| | | | |
$
|
|
|
|
2.6
| | | | |
$
|
|
(0.3
|
)
| | | | |
$
|
|
|
|
10.3
| | | | |
$
|
|
|
|
10.7
| | | | |
$
|
|
0.4
| | | |
Operating Margin (Pct.)
| |
3.8
| |
%
| | |
3.6
| |
%
| | |
(0.2
|
)
| |
pts.
| | |
3.2
| |
%
| | |
5.5
| |
%
| | |
2.3
| | |
pts.
|
Pre-tax results (Mils.)
| |
$
| | | |
109
| | | | |
$
| | | |
95
| | | | |
$
| |
(14
|
)
| | | | |
$
| | | |
327
| | | | |
$
| | | |
589
| | | | |
$
| |
262
| | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Ford continues to invest for growth in Asia Pacific through both new and
expanded plants, new products and the introduction of Lincoln in China.
Asia Pacific reported a fourth quarter pre-tax profit of $95 million, a
decrease of $14 million from a year ago. The decline is more than
explained by higher warranty cost related to a field service action.
In the fourth quarter, wholesale volume was up 2 percent from a year
ago, and net revenue, which excludes the company’s China joint ventures,
declined 9 percent. Wholesale volume in China increased 5 percent from a
year ago. The higher volume in Asia Pacific is more than explained by
higher industry volume. Ford estimates the fourth quarter SAAR for the
region at 40.7 million units, up 600,000 units from a year ago. Lower
market share was a partial offset. The lower revenue reflects lower
volume from consolidated operations and unfavorable exchange.
Fourth quarter market share, at 3.5 percent, was down 0.1 percentage
points from a year ago. Our market share in China also deteriorated 0.1
percent, to 4.3 percent, due to a wholesale industry that was well above
trend.
Fourth quarter operating margin for Asia Pacific was 3.6 percent, 0.2
percentage points lower than a year ago.
All full year metrics improved from a year ago and all were records. In
2014, Ford’s China joint ventures contributed $1.3 billion in pre-tax
profit, reflecting Ford’s equity share of earnings after tax. The
balance of results for the region primarily reflect Australia where Ford
is implementing its transformation plan; India, where Ford is investing
for future growth, including the launch of two new plants later this
year; and industry and economic factors in ASEAN.
Other Automotive
The full year 2014 loss of $755 million in Other Automotive primarily
reflects net interest expense.
PRODUCTION VOLUMES*
|
| 2014 Actual |
|
| 2015 Forecast |
| | Fourth Quarter |
|
| Full Year | | | First Quarter |
| | Units |
|
| O/(U) 2013 | | | Units |
|
| O/(U) 2013 | | | Units |
|
| O/(U) 2014 |
| |
(000)
| | |
(000)
| | |
(000)
| | |
(000)
| | |
(000)
| | |
(000)
|
North America
| |
698
|
| | | |
(58
|
)
| | |
2,969
|
| | | |
(142
|
)
| | |
715
|
| | | |
(59
|
)
|
South America
| |
105
| | | | |
1
| | | |
399
| | | | |
(75
|
)
| | |
105
| | | | |
11
| |
Europe
| |
328
| | | | |
(5
|
)
| | |
1,438
| | | | |
(5
|
)
| | |
440
| | | | |
58
| |
Middle East & Africa
| |
19
| | | | |
2
| | | |
76
| | | | |
14
| | | |
22
| | | | |
5
| |
Asia Pacific
| |
376
|
|
| | |
14
|
| | |
1,439
|
|
| | |
175
|
| | |
385
|
|
| | |
39
|
|
Total
| |
1,526
|
|
| | |
(46
|
)
| | |
6,321
|
|
| | |
(33
|
)
| | |
1,667
|
|
| | |
54
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
*Includes Ford brand and JMC brand vehicles produced by
unconsolidated affiliates.
FINANCIAL SERVICES SECTOR
|
| Fourth Quarter |
| Full Year |
| | 2013 |
| 2014 |
| B/(W) 2013 | | 2013 |
| 2014 |
| B/(W) 2013 |
Revenue (Bils.)
| |
$
|
|
|
|
2.0
| | |
$
|
|
|
|
2.1
| | |
$
|
|
0.1
| | |
$
|
|
|
|
7.5
| | |
$
|
|
|
|
8.3
| | |
$
|
|
0.8
|
Ford Credit pre-tax results (Mils.)
| |
$
| | | |
368
| | |
$
| | | |
423
| | |
$
| |
55
| | |
$
| | | |
1,756
| | |
$
| | | |
1,854
| | |
$
| |
98
|
Other Financial Services pre-tax results (Mils.)
| |
(13
|
)
| |
(15
|
)
| |
(2
|
)
| |
(84
|
)
| |
(60
|
)
| |
24
|
Financial Services pre-tax results (Mils.)
| |
$
|
|
|
|
355
|
| |
$
|
|
|
|
408
|
| |
$
|
|
53
|
| |
$
|
|
|
|
1,672
|
| |
$
|
|
|
|
1,794
|
| |
$
|
|
122
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Ford Motor Credit Company
A strategic asset and an integral part of Ford’s global growth and value
creation strategy, Ford Credit continued to deliver strong results in
the fourth quarter.
Ford Credit’s fourth quarter pre-tax profit of $423 million was $55
million higher than a year ago. The improved pre-tax profit is more than
explained by higher volume and favorable market valuation adjustments to
derivatives.
Ford Credit’s full-year pre-tax profit was $1.9 billion, $98 million
higher than a year ago. The improvement is more than explained by
increases globally in consumer and non-consumer finance receivables, as
well as operating leases in North America.
2014 PLANNING ASSUMPTIONS AND KEY METRICS
Ford’s planning assumptions and key metrics for 2014 included the
following:
|
| |
| 2013 Full Year |
| 2014 Full Year |
| | | | Results | | Plan |
| Results |
| | Planning Assumptions (Mils.) | | | | | | | | |
| |
Industry Volume * -- U.S.
| |
15.9
| | |
16.0 - 17.0
| |
16.8
| |
| |
-- Europe 20
| |
13.8
| | |
13.5 - 14.5
| |
14.6
| |
| |
-- China
| |
22.2
| | |
22.5 - 24.5
| |
24.0
| |
| | | | | | | | | |
|
| | Key Metrics | | | | | | | | |
| | Automotive (Compared with 2013): | | | | | | | | |
| |
- Revenue (Bils.)
| |
$
|
|
|
|
139.4
| | |
About Equal
| |
$
|
|
|
|
135.8
| |
| | | | | | | | | |
|
| |
- Operating Margin **
| |
5.4
|
%
| |
Lower
| |
3.9
|
%
|
| | | | | | | | | |
|
| |
- Operating-Related Cash Flow (Bils.) ***
| |
$
| | | |
6.1
| | |
Substantially Lower
| |
$
| | | |
3.6
| |
| | | | | | | | | |
|
| | Ford Credit (Compared with 2013): | | | | | | | | |
| |
- Pre-Tax Profit (Bils.)
| |
$
| | | |
1.8
| | |
About Equal
| |
$
| | | |
1.9
| |
| | | | | | | | | |
|
| | Total Company: | | | | | | | | |
| |
- Pre-Tax Profit (Bils.) ***
| |
$
| | | |
8.6
| | |
$7 - $8
| |
$
| | | |
6.3
|
****
|
| | | | | | | | | |
|
*
| | Based, in part, on estimated vehicle registrations; includes
medium and heavy trucks |
**
| | Automotive operating margin is defined as Automotive pre-tax
results, excluding special items and Other Automotive, divided by
Automotive revenue |
***
| | Excludes special items; see "Income from Continuing Operations"
and “Operating-Related Cash Flows Reconciliation to GAAP” tables on
pages 12 and 14 |
****
| | Consistent with updated guidance of about $6 billion, provided
September 2014. |
| |
|
2015 OUTLOOK
Ford remains focused on delivering the key aspects of the One Ford plan,
which are unchanged:
-
Aggressively restructuring to operate profitably at the current demand
and changing model mix
-
Accelerating the development of new products that customers want and
value
-
Financing the plan and improving the balance sheet
-
Working together effectively as one team, leveraging Ford’s global
assets
In 2015, Ford expects to realize the benefits of its global product
investment and growth strategies, and will continue its strong product
push with 15 global vehicle launches. The company expects its pre-tax
profit, excluding special items, to be in the $8.5 billion to $9.5
billion range.
Ford’s key metrics and planning assumptions for 2015 included the
following:
2015 KEY METRICS -- BUSINESS UNITS |
| | | |
| |
| | 2014 Full Year | | 2015 Full Year |
|
| | | Results | | Outlook |
| | Automotive (Mils.) | | | | | | |
| |
North America
| |
$
|
|
6,898
| | | |
Higher*
|
| |
- Operating Margin
| |
8.4
| |
%
| |
8% - 9%
|
| |
South America
| |
$
| |
(1,162
|
)
| | |
Substantially Improved*
|
| |
Europe
| |
(1,062
|
)
| | |
Improved*
|
| |
Middle East & Africa
| |
(20
|
)
| | |
Loss
|
| |
Asia Pacific
| |
589
| | | |
Higher*
|
| |
Net Interest Expense
| |
(583
|
)
| | |
Equal To or Higher*
|
| | Ford Credit (Mils.) | |
$
| |
1,854
| | | |
Equal To or Higher*
|
* | | Compared with 2014 | | | | | | |
| | | | | | | |
|
2015 PLANNING ASSUMPTIONS AND KEY METRICS | | 2014 Full Year | | 2015 Full Year |
| | | | Results | | Plan |
| | Planning Assumptions (Mils.) | | | | | | | | |
| |
Industry Volume * -- U.S.
| | | |
16.8
| | | |
17.0 - 17.5
|
| |
-- Europe 20
| | | |
14.6
| | | |
14.8 - 15.3
|
| |
-- China
| | | |
24.0
| | | |
24.5 - 26.5
|
| | | | | | | | | |
|
| | Key Metrics | | | | | | | | |
| | Automotive (compared with 2014): | | | | | | | | |
| |
- Revenue (Bils.)
| |
$
| |
135.8
| | | |
Higher
|
| | | | | | | | | |
|
| |
- Operating Margin **
| | | |
3.9
| |
%
| |
Higher
|
| | | | | | | | | |
|
| |
- Operating-Related Cash Flow (Bils.) ***
| |
$
| |
3.6
| | | |
Higher
|
| | | | | | | | | |
|
| | Ford Credit (compared with 2014): | | | | | | | | |
| |
- Pre-Tax Profit (Bils.)
| |
$
| |
1.9
| | | |
Equal To or Higher
|
| | | | | | | | | |
|
| | Total Company: | | | | | | | | |
| |
- Pre-Tax Profit (Bils.) ***
| |
$
| |
6.3
| | | |
$8.5 - $9.5
|
*
| | Based, in part, on estimated vehicle registrations; includes
medium and heavy trucks |
**
| | Automotive operating margin is defined as Automotive pre-tax
results, excluding special items and Other Automotive, divided by
Automotive revenue |
***
| | Excludes special items; see "Income from Continuing Operations"
and “Operating-Related Cash Flows Reconciliation to GAAP” tables on
pages 12 and 14. |
| |
|
*The financial results discussed herein are presented on a
preliminary basis; final data will be included in Ford’s Annual Report
on Form 10-K for the period ended December 31, 2014. The following
information applies to the information throughout this release:
- Pre-tax results exclude special items
unless otherwise noted.
- All references to records by Automotive business units are since at
least 2000 when Ford began reporting specific business unit results.
- See tables at the end of this release for the nature and amount of
special items, and reconciliation of items designated as “excluding
special items” to U.S. generally accepted accounting principles
(“GAAP”). Also see the tables for reconciliation to GAAP of Automotive
gross cash, operating-related cash flow and net interest.
- Discussion of overall Automotive cost changes is measured primarily
at present-year exchange and excludes special items and discontinued
operations; in addition, costs that vary directly with production
volume, such as material, freight and warranty costs, are measured at
present-year volume and mix.
- Wholesale unit sales and production volumes include the sale or
production of Ford brand and JMC brand vehicles by unconsolidated
affiliates but the revenues from such sales are not included in Ford’s
consolidated revenue. JMC refers to our Chinese joint venture,
Jiangling Motors Corporation. See materials supporting the January 29,
2015 conference calls at www.shareholder.ford.com
for further discussion of wholesale unit volumes.
**Excludes special items and “Income/(Loss) attributable to
non-controlling interests.” See tables at the end of this release for
the nature and amount of these special items and reconciliation to GAAP.
Risk Factors
Statements included or incorporated by reference herein may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements are
based on expectations, forecasts, and assumptions by Ford management and
involve a number of risks, uncertainties, and other factors that could
cause actual results to differ materially from those stated, including,
without limitation:
-
Decline in industry sales volume, particularly in the United States or
Europe, due to financial crisis, recession, geopolitical events, or
other factors;
-
Decline in Ford’s market share or failure to achieve growth;
-
Lower-than-anticipated market acceptance of Ford’s new or existing
products;
-
Market shift away from sales of larger, more profitable vehicles
beyond Ford’s current planning assumption, particularly in the United
States;
-
An increase in or continued volatility of fuel prices, or reduced
availability of fuel;
-
Continued or increased price competition resulting from industry
excess capacity, currency fluctuations, or other factors;
-
Fluctuations in foreign currency exchange rates, commodity prices, and
interest rates;
-
Adverse effects resulting from economic, geopolitical, or other events;
-
Economic distress of suppliers that may require Ford to provide
substantial financial support or take other measures to ensure
supplies of components or materials and could increase costs, affect
liquidity, or cause production constraints or disruptions;
-
Work stoppages at Ford or supplier facilities or other limitations on
production (whether as a result of labor disputes, natural or man-made
disasters, tight credit markets or other financial distress,
production constraints or difficulties, or other factors);
-
Single-source supply of components or materials;
-
Labor or other constraints on Ford’s ability to maintain competitive
cost structure;
-
Substantial pension and postretirement health care and life insurance
liabilities impairing our liquidity or financial condition;
-
Worse-than-assumed economic and demographic experience for
postretirement benefit plans (e.g., discount rates or investment
returns);
-
Restriction on use of tax attributes from tax law “ownership change;”
-
The discovery of defects in vehicles resulting in delays in new model
launches, recall campaigns, or increased warranty costs;
-
Increased safety, emissions, fuel economy, or other regulations
resulting in higher costs, cash expenditures, and/or sales
restrictions;
-
Unusual or significant litigation, governmental investigations, or
adverse publicity arising out of alleged defects in products,
perceived environmental impacts, or otherwise;
-
A change in requirements under long-term supply arrangements
committing Ford to purchase minimum or fixed quantities of certain
parts, or to pay a minimum amount to the seller (“take-or-pay”
contracts);
-
Adverse effects on results from a decrease in or cessation or clawback
of government incentives related to investments;
-
Inherent limitations of internal controls impacting financial
statements and safeguarding of assets;
-
Cybersecurity risks to operational systems, security systems, or
infrastructure owned by Ford, Ford Credit, or a third-party vendor or
supplier;
-
Failure of financial institutions to fulfill commitments under
committed credit and liquidity facilities;
-
Inability of Ford Credit to access debt, securitization, or derivative
markets around the world at competitive rates or in sufficient
amounts, due to credit rating downgrades, market volatility, market
disruption, regulatory requirements, or other factors;
-
Higher-than-expected credit losses, lower-than-anticipated residual
values, or higher-than-expected return volumes for leased vehicles;
-
Increased competition from banks or other financial institutions
seeking to increase their share of financing Ford vehicles; and
-
New or increased credit, consumer, or data protection or other
regulations resulting in higher costs and/or additional financing
restrictions.
Ford cannot be certain that any expectation, forecast, or assumption
made in preparing forward-looking statements will prove accurate, or
that any projection will be realized. It is to be expected that there
may be differences between projected and actual results. Ford’s
forward-looking statements speak only as of the date of their initial
issuance, and Ford does not undertake any obligation to update or revise
publicly any forward-looking statement, whether as a result of new
information, future events, or otherwise. For additional discussion, see
“Item 1A. Risk Factors” in Ford’s Annual Report on Form 10-K for the
year ended December 31, 2013, as updated by Ford’s subsequent Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K.
CONFERENCE CALL DETAILS
Ford Motor Company (NYSE:F) releases its preliminary 2014 fourth quarter
financial results at 7:00 a.m. EST today. The following briefings will
be held after the announcement:
-
At 9:00 a.m. (EST), Mark Fields, president and chief executive
officer, and Bob Shanks, executive vice president and chief financial
officer, will host a conference call to discuss Ford’s 2014 fourth
quarter results.
-
At 11:00 a.m. (EST), Neil Schloss, vice president and treasurer;
Stuart Rowley, vice president and controller, and Michael Seneski,
chief financial officer, Ford Motor Credit Company, will host a
conference call focusing on Ford Motor Credit Company’s 2014 fourth
quarter results.
The presentations (listen-only) and supporting materials will be
available at www.shareholder.ford.com.
Representatives of the investment community will have the opportunity to
ask questions on both conference calls, as will representatives of the
news media on the first call.
Access Information -
Thursday, January 29, 2015 |
Earnings Call: 9 a.m. EST |
Toll-Free: 1.866.318.8614
|
International: 1.617.399.5133
|
Earnings Passcode: Ford Earnings
|
|
Fixed Income: 11 a.m. EST |
Toll-Free: 1.877.415.3177
|
International: 1.857.244.7320
|
Fixed Income Passcode: Ford Fixed Income
|
|
REPLAYS |
(Available after 12:00 p.m. EST the day of the event through
Friday, February 27, 2015) |
www.shareholder.ford.com |
Toll Free: 1.888.286.8010
|
International: 1.617.801.6888
|
Replay Passcodes: |
Earnings: 20890789
|
Fixed Income: 46648748
|
|
About Ford Motor Company
Ford Motor Company, a global automotive industry leader based in
Dearborn, Mich., manufactures or distributes automobiles across six
continents. With about 187,000 employees and 62 plants worldwide, the
company’s automotive brands include Ford and Lincoln. The company
provides financial services through Ford Motor Credit Company. For more
information regarding Ford and its products worldwide, please visit www.corporate.ford.com.
TOTAL COMPANY |
| | |
| | |
| | |
| | |
CALCULATION OF EARNINGS PER SHARE | | Fourth Quarter 2014 | | Full Year 2014 |
|
| | | | | After-Tax | | | | After-Tax |
| | | | | | Operating | | | | Operating |
| | | | Net Income | | Results Excl. | | Net Income | | Results Excl. |
| | | | Attributable | | Special | | Attributable | | Special |
| | | | to Ford | | Items* | | to Ford | | Items* |
| | After-Tax Results (Mils.)
| | | | | | | | | | | | |
| |
After-tax results*
| |
$
|
52
| | |
$
|
1,048
| | |
$
|
3,187
| | |
$
|
4,633
| |
| |
Effect of dilutive 2016 Convertible Notes**
| |
—
|
| |
6
|
| |
42
|
| |
42
|
|
| |
Diluted after-tax results
| |
$
|
52
|
| |
$
|
1,054
|
| |
$
|
3,229
|
| |
$
|
4,675
|
|
| | | | | | | | | | | | | |
|
| | Basic and Diluted Shares (Mils.)
| | | | | | | | | | | | |
| |
Basic shares (Average shares outstanding)
| |
3,901
| | |
3,901
| | |
3,912
| | |
3,912
| |
| |
Net dilutive options
| |
41
| | |
41
| | |
46
| | |
46
| |
| |
Dilutive 2016 Convertible Notes
| |
—
|
| |
47
|
| |
87
|
| |
87
|
|
| |
Diluted shares
| |
3,942
|
| |
3,989
|
| |
4,045
|
| |
4,045
|
|
| | | | | | | | | | | | | |
|
| |
EPS (Diluted)
| |
$
|
0.01
| | |
$
|
0.26
| | |
$
|
0.80
| | |
$
|
1.16
| |
| | | | | | | | | | | | | |
|
*
| | Excludes Income/(Loss) attributable to non-controlling interests;
special items detailed on page 13 |
**
| | As applicable, includes interest expense, amortization of
discount, amortization of fees, and other changes in income or loss
that result from the application of the if-converted method for
convertible securities |
| |
|
TOTAL COMPANY | | | | | | | | | | | | |
INCOME FROM CONTINUING OPERATIONS | | Fourth Quarter | | Full Year |
| | | | 2013 | | 2014 | | 2013 | | 2014 |
| | | |
(Mils.)
| |
(Mils.)
| |
(Mils.)
| |
(Mils.)
|
| | Automotive | | | | | | | | | | | | |
| |
North America
| |
$
|
1,800
| | |
$
|
1,548
| | |
$
|
8,809
| | |
$
|
6,898
| |
| |
South America
| |
(126
|
)
| |
(187
|
)
| |
(33
|
)
| |
(1,162
|
)
|
| |
Europe
| |
(529
|
)
| |
(443
|
)
| |
(1,442
|
)
| |
(1,062
|
)
|
| |
Middle East & Africa
| |
(104
|
)
| |
(82
|
)
| |
(69
|
)
| |
(20
|
)
|
| |
Asia Pacific
| |
109
| | |
95
| | |
327
| | |
589
| |
| |
Other Automotive
| |
(187
|
)
| |
(218
|
)
| |
(656
|
)
| |
(755
|
)
|
| |
Total Automotive (excl. special items)
| |
$
|
963
| | |
$
|
713
| | |
$
|
6,936
| | |
$
|
4,488
| |
| |
Special items -- Automotive
| |
(311
|
)
| |
(1,177
|
)
| |
(1,568
|
)
| |
(1,940
|
)
|
| |
Total Automotive
| |
$
|
652
| | |
$
|
(464
|
)
| |
$
|
5,368
| | |
$
|
2,548
| |
| | | | | | | | | | | | | |
|
| | Financial Services | | | | | | | | | | | | |
| |
Ford Credit
| |
$
|
368
| | |
$
|
423
| | |
$
|
1,756
| | |
$
|
1,854
| |
| |
Other Financial Services
| |
(13
|
)
| |
(15
|
)
| |
(84
|
)
| |
(60
|
)
|
| |
Total Financial Services
| |
$
|
355
| | |
$
|
408
| | |
$
|
1,672
| | |
$
|
1,794
| |
| | | | | | | | | | | | | |
|
| | Total Company | | | | | | | | | | | | |
| |
Pre-tax results
| |
$
|
1,007
| | |
$
|
(56
|
)
| |
$
|
7,040
| | |
$
|
4,342
| |
| |
(Provision for)/Benefit from income taxes
| |
2,049
|
| |
105
|
| |
135
|
| |
(1,156
|
)
|
| |
Net income
| |
$
|
3,056
| | |
$
|
49
| | |
$
|
7,175
| | |
$
|
3,186
| |
| |
Less: Income/(Loss) attributable to non-controlling interests
| |
(10
|
)
| |
(3
|
)
| |
(7
|
)
| |
(1
|
)
|
| |
Net income attributable to Ford
| |
$
|
3,066
|
| |
$
|
52
|
| |
$
|
7,182
|
| |
$
|
3,187
|
|
| | | | | | | | | | | | | |
|
| |
Memo: Excluding special items
| | | | | | | | | | | | |
| |
Pre-tax results
| |
$
|
1,318
| | |
$
|
1,121
| | |
$
|
8,608
| | |
$
|
6,282
| |
| |
(Provision for)/Benefit from income taxes
| |
(31
|
)
| |
(76
|
)
| |
(2,022
|
)
| |
(1,650
|
)
|
| |
Less: Income/(Loss) attributable to non-controlling interests
| |
(10
|
)
| |
(3
|
)
| |
(7
|
)
| |
(1
|
)
|
| |
After-tax results
| |
$
|
1,297
|
| |
$
|
1,048
|
| |
$
|
6,593
|
| |
$
|
4,633
|
|
| | | | | | | | | | | | | | | | | |
|
TOTAL COMPANY | | | | | | | | | | | | |
SPECIAL ITEMS | | Fourth Quarter | | Full Year |
| | | | 2013 | | 2014 | | 2013 | | 2014 |
| | | |
(Mils.)
| |
(Mils.)
| |
(Mils.)
| |
(Mils.)
|
| | Personnel-Related Items | | | | | | | | | | | | |
| |
Separation-related actions*
| |
$
|
(156
|
)
| |
$
|
(251
|
)
| |
$
|
(856
|
)
| |
$
|
(685
|
)
|
| | | | | | | | | | | | | |
|
| | Other Items | | | | | | | | | | | | |
| |
Venezuela accounting change
| |
—
| | |
(800
|
)
| |
—
| | |
(800
|
)
|
| |
Ford Sollers equity impairment
| |
—
| | |
—
| | |
—
| | |
(329
|
)
|
| |
2016 Convertible Notes settlement
| |
—
| | |
(126
|
)
| |
—
| | |
(126
|
)
|
| |
U.S. pension lump-sum program
| |
(155
|
)
| |
—
| | |
(594
|
)
| |
—
| |
| |
FCTA - subsidiary liquidation
| |
—
| | |
—
| | |
(103
|
)
| |
—
| |
| |
Ford Romania consolidation loss
| |
—
|
| |
—
|
| |
(15
|
)
| |
—
|
|
| |
Total other items
| |
(155
|
)
| |
(926
|
)
| |
(712
|
)
| |
(1,255
|
)
|
| | | | | | | | | | | | | |
|
| |
Total special items
| |
$
|
(311
|
)
| |
$
|
(1,177
|
)
| |
$
|
(1,568
|
)
| |
$
|
(1,940
|
)
|
| | | | | | | | | | | | | |
|
| |
Tax special items
| |
$
|
2,080
| | |
$
|
181
| | |
$
|
2,157
| | |
$
|
494
| |
| | | | | | | | | | | | | |
|
| |
Memo:
| | | | | | | | | | | | |
| |
Special Items impact on earnings per share**
| |
$
|
0.43
| | |
$
|
(0.25
|
)
| |
$
|
0.14
| | |
$
|
(0.36
|
)
|
| | | | | | | | | | | | | |
|
*
| |
Primarily related to separation costs for personnel at the Genk and
U.K. facilities
|
**
| |
Includes related tax effect on special items and tax special items
|
| |
|
NET INTEREST RECONCILIATION TO GAAP | | Fourth Quarter | | Full Year |
| | | | 2013 | | 2014 | | 2013 | | 2014 |
| | | |
(Mils.)
| |
(Mils.)
| |
(Mils.)
| |
(Mils.)
|
| | | | | | | | | | | | | |
|
| |
Interest expense (GAAP)
| |
$
|
(212
|
)
| |
$
|
(178
|
)
| |
$
|
(829
|
)
| |
$
|
(797
|
)
|
| |
Investment-related interest income (GAAP)
| |
38
| | |
48
| | |
163
| | |
193
| |
| |
Interest income/(expense) on income taxes (GAAP)
| |
—
|
| |
75
|
| |
—
|
| |
108
|
|
| |
Subtotal
| |
$
|
(174
|
)
| |
$
|
(55
|
)
| |
$
|
(666
|
)
| |
$
|
(496
|
)
|
| | | | | | | | | | | | | |
|
| |
Adjusted for items included / excluded from net interest:
| | | | | | | | | | | | |
| |
Include: Gains/(Losses) on cash equivalents & marketable securities*
| |
—
| | |
(9
|
)
| |
(7
|
)
| |
9
| |
| |
Include: Gains/(Losses) on extinguishment of debt
| |
—
| | |
—
| | |
(18
|
)
| |
(5
|
)
|
| |
Other
| |
(30
|
)
| |
(19
|
)
| |
(110
|
)
| |
(91
|
)
|
| |
Net Interest
| |
$
|
(204
|
)
| |
$
|
(83
|
)
| |
$
|
(801
|
)
| |
$
|
(583
|
)
|
| | | | | | | | | | | | | |
|
*
| |
Excludes mark-to-market adjustments of our investment in Mazda
|
| |
|
AUTOMOTIVE SECTOR |
| | |
| | |
| |
GROSS CASH RECONCILIATION TO GAAP | | | | | | | | |
|
| | | 2013 | | 2014 |
| | | | Dec. 31 | | Sep. 30 | | Dec. 31 |
| | | |
(Bils.)
| |
(Bils.)
| |
(Bils.)
|
| | | | | | | | | |
|
| |
Cash and cash equivalents
| |
$
|
5.0
| | |
$
|
6.0
| | |
$
|
4.6
|
| |
Marketable securities
| |
20.1
|
| |
16.9
|
| |
17.1
|
| |
Total cash and marketable securities (GAAP)
| |
$
|
25.1
| | |
$
|
22.9
| | |
$
|
21.7
|
| | | | | | | | | |
|
| |
Securities in transit*
| |
(0.3
|
)
| |
(0.1
|
)
| |
—
|
| |
Gross cash
| |
$
|
24.8
|
| |
$
|
22.8
|
| |
$
|
21.7
|
| | | | | | | | | |
|
*
| | The purchase or sale of marketable securities for which the cash
settlement was not made by period end and the related payable or
receivable remained on the balance sheet |
| |
|
AUTOMOTIVE SECTOR | | |
|
| | |
OPERATING-RELATED CASH FLOWS RECONCILIATION TO GAAP | | | | | | |
| |
| Fourth Quarter |
| | Full Year |
| | | 2013 |
|
| 2014 | | | 2013 | | | 2014 |
| | |
(Bils.)
| | |
(Bils.)
| | |
(Bils.)
| | |
(Bils.)
|
| | | | | | | | | | | | | | | |
|
|
Net cash provided by/(used in) operating activities (GAAP)
| |
$
|
|
|
1.3
| | | |
$
|
|
|
2.1
| | | |
$
|
|
|
7.7
| | | |
$
|
|
|
8.8
| |
| | | | | | | | | | | | | | | |
|
|
Items included in operating-related cash flows
| | | | | | | | | | | | | | | |
|
Capital spending
| |
(2.0
|
)
| | |
(2.2
|
)
| | |
(6.6
|
)
| | |
(7.4
|
)
|
|
Proceeds from the exercise of stock options
| |
—
| | | |
—
| | | |
0.3
| | | |
0.2
| |
|
Net cash flows from non-designated derivatives
| |
—
| | | |
0.1
| | | |
(0.3
|
)
| | |
0.2
| |
| | | | | | | | | | | | | | | |
|
|
Items not included in operating-related cash flows
| | | | | | | | | | | | | | | |
|
Separation payments
| |
0.1
| | | |
0.1
| | | |
0.3
| | | |
0.2
| |
|
Funded pension contributions
| |
1.1
| | | |
0.4
| | | |
5.0
| | | |
1.5
| |
|
Tax refunds and tax payments from affiliates
| |
—
| | | |
—
| | | |
(0.3
|
)
| | |
(0.2
|
)
|
|
Other
| |
—
|
| | |
—
|
| | |
—
|
| | |
0.3
|
|
|
Operating-related cash flows
| |
$
|
|
|
0.5
|
| | |
$
|
|
|
0.5
|
| | |
$
|
|
|
6.1
|
| | |
$
|
|
|
3.6
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
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Contacts:
Ford Motor Company
Media:
Whitney
Eichinger
1.313.390.5565
weiching@ford.com
Equity
Investment Community:
Erik Eliason
1.313.594.0613
fordir@ford.com
Fixed
Income Investment Community:
Stephen Dahle
1.313.621.0881
fixedinc@ford.com
Shareholder
Inquiries:
1.800.555.5259 or
1.313.845.8540
stockinf@ford.com
Source: Ford Motor Company
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