23rd Jul 2009 16:12
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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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http://www.rns-pdf.londonstockexchange.com/rns/1960W_1-2009-7-23.pdf
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