Ford reports first quarter 2009 net loss of $1.4 billion+ ....

24.04.2009: ... strenghtens balance sheet, launches key new vehicles * Net loss of $1.4 billion, or $0.60 per share, for the first quarter of 2009; pre-tax operating loss of approximately $2 billion, excluding special items++

... strenghtens balance sheet, launches key new vehicles

    * Net loss of $1.4 billion, or $0.60 per share, for the first quarter of 2009; pre-tax operating loss of approximately $2 billion, excluding special items++
    * Results for total company operations improved as compared with the fourth quarter of 2008
    * Ended first quarter with Automotive gross cash of $21.3 billion.+++ Significantly reduced operating-related cash outflow compared with the third and fourth quarters of 2008 despite further declines in volume
    * Launched new Ford Fusion, Fusion Hybrid, Mustang, Focus RS and four-door Fiesta as well as Lincoln MKZ, Mercury Milan and Milan Hybrid. Gained market share in Europe and South America
    * Executed actions to reduce Automotive debt obligations by $10.1 billion – which were completed and recognized in March and April – and lower annual cash interest payments by more than $500 million
    * Modified collective bargaining agreement with the UAW, lowering Ford’s annual U.S. labor costs by about $500 million; reached agreement in principle with the UAW, subject to court and other approvals, to allow Ford to settle up to half of its cash VEBA obligations with Ford common stock
    * Reduced Automotive structural costs by $1.9 billion, including $1.3 billion in North America
    * Ford remains on track to meet or beat its financial targets based on current planning assumptions, including the target for its overall and North American Automotive pre-tax results to be breakeven or better in 2011, excluding special items

DEARBORN, Mich., April 24, 2009 – Ford Motor Company [NYSE: F] today reported a first quarter net loss of $1.4 billion, or $0.60 per share. This compares with net income of $70 million, or $0.03 per share, in the first quarter of 2008.

Ford’s first quarter 2009 pre-tax operating loss, excluding special items, was approximately $2 billion, a decline from a profit of $686 million a year ago. On an after-tax basis, Ford lost $1.8 billion in the first quarter, or $0.75 per share, compared with a profit of $477 million, or $0.20 per share, a year ago.++

“Our results in the first quarter reflected the extremely difficult business environment and weak demand for autos around the world,” said Ford President and CEO Alan Mulally. “Despite the challenges, Ford made strong progress on our transformation plan by gaining share with strong new products, slowing operating-related cash outflows, reducing outstanding debt, lowering our structural costs and reaching new agreements with the UAW.”

Ford finished the first quarter with $21.3 billion in Automotive gross cash and reiterated that based on current planning assumptions it does not expect to seek a bridge loan from the U.S. government.

In the first quarter, Ford took a number of actions to strengthen its overall business, and also started discussions with interested parties regarding the sale of Volvo.

Ford and Ford Motor Credit Company executed actions to reduce Ford’s debt obligations by $10.1 billion at par value and lower the company’s annual cash interest payments by more than $500 million. Of that $10.1 billion, $2.4 billion in debt obligations were reduced in the first quarter and will be reflected in Ford’s first quarter financial statements. The remainder was reduced on April 8, 2009, and will be reflected in Ford’s second quarter results. In addition, as previously announced, Ford drew $10.1 billion under its secured revolving credit facility, providing protection against the instability of the capital markets and the uncertain state of the global economy.

Additionally, Ford negotiated and ratified modifications to its collective bargaining agreement with the United Auto Workers union that will lower the company’s overall labor costs in the U.S. by about $500 million annually. The company announced a new buyout program for U.S. hourly employees that will be completed in the second quarter. Ford also reached an agreement in principle with the UAW which, subject to court and other approvals, would allow the company to settle up to half of its future cash VEBA obligations with Ford common stock.

Based on current planning assumptions, Ford said it remains on track to meet or beat its financial targets, including the target for its overall and North American Automotive pre-tax results to be breakeven or better in 2011, excluding special items.


.- Ford -

Permanent-URL: http://www.automobilsport.com/ford-first-quarter-2009-net-loss-billion-dollar-per-share-results-operations-compared-2008---62081.html

24.04.2009 / MaP

More News

Mitsubishi Motors announces production, sales and export figures for March 2009 and for the 2008 fiscal year
23.04.2009
Mitsubishi Motors Corporation today announced global production, as well as domestic sales and export figures for March 2009 and for the 2008 fiscal year.March 2009# Production: total and in JapanTotal global production came in at 58,895 units, a decline of 57.3 percent over March 2008 and the thirteenth consecutive monthly decreas more >>
Volkswagen Konzern erzielt im ersten Quartal Operativen Gewinn
22.04.2009
 Die Volkswagen Aktiengesellschaft hat im ersten Quartal des laufenden Geschäftsjahres 2009 einen Operativen Gewinn erwirtschaftet und die Liquidität erhöht. Das Operative Ergebnis belief sich auf 312 (1.311) Millionen EUR. Der Verkauf des brasilianischen Nutzfahrzeuggeschäfts trug mit rund 600 Millionen EUR zu diesem Ergebnis bei. Die Netto-Liquidität des Konzernb more >>
Reinhard Fleger wird neuer Vertriebsvorstand von Škoda Auto
17.04.2009
Fred Kappler übernimmt Leitung des weltweiten Vertriebs Original Teile des Konzerns  Reinhard Fleger (51), Vorstand für Vertrieb und Finanzen bei Volkswagen de Mexico, wurde mit Wirkung zum 1. Juni 2009 zum Vertriebs-vorstand von Skoda Auto in Mlada Boleslav berufen. Der heutige Vertriebsvorstand von Skoda, Fred Kappler (50), übernimmt die Leitung des more >>
Volkswagen Konzern erhöht weltweiten Marktanteil im ersten Quartal
17.04.2009
- Auch Kernmarke VW schneidet im Wettbewerbsvergleich besser ab- Konzernvertriebschef Wittig: „Junge und effiziente Modellpalette zahlt sich aus“Der Volkswagen Konzern hat im ersten Quartal seinen weltweiten Marktanteil trotz der anhaltend schwierigen Lage auf den Automobilmärkten ausgebaut und steigerte den Anteil von Januar bis M&au more >>
Ford Credit Canada Limited announces Canadian lease securitization transaction
16.04.2009
Canadian Road Leasing Company, a wholly owned subsidiary of Ford Credit Canada, today completed a lease securitization transaction, receiving proceeds of $0.6 billion (Canadian). A portion of the proceeds will be held in a reserve fund for the transaction.This lease securitization transaction included the lease of a portfolio of vehicles (subject to the existing retail leases) by Ca more >>
Audi has its best month ever in China
15.04.2009
    * Year-on-year sales growth of seven percent in March    * Audi A4L makes a very successful start on the market    * Audi will unveil the new generation Audi Q7 at the “Auto Shanghai 2009” showAUDI AG achieved its best monthly results yet for the Chinese market in March 2009. Including Hong Kon more >>
Ford appoints Pete Lawson vice-president of Government relations
15.04.2009
Ford Motor Company today announced the appointment of Pete Lawson as vice president of government relations, based in Washington D.C.Lawson comes to Ford from the U.S. Chamber of Commerce, where he serves as Vice President of Congressional and Public Affairs and is the Chamber’s chief lobbyist on legal reform, corporate governance, and financial services issues. The U.S. Chamb more >>
Daimler shareholders approve dividend of €0.60 per share
08.04.2009
Daimler AG’s shareholders approved the distribution of a dividend for the financial year 2008 of €0.60 per share (prior year: €2.00 per share) at the Annual Meeting held in Berlin on Wednesday. The total dividend distribution amounts to €556 million. The item of the agenda "Resolution on the Allocation of Unappropriated Profit" was approved with 99.82 percent of votes cast. more >>
Fahrzeugbauer Karmann muss Insolvenz anmelden
08.04.2009
Grund für den Insolvenzantrag sei die drohende Zahlungsunfähigkeit angesichts bevorstehender finanzieller Verpflichtungen, teilte das Unternehmen mit. Der höher als erwartet ausgefallene Umsatzrückgang habe dazu geführt, dass ein mit den Arbeitnehmervertretern vereinbarter Interessenausgleich und Sozialplan infolge der im Vorjahr bekanntgegebenen Umbaupläne more >>
Ford grows UK Market share again in March
08.04.2009
Strong consumer demand for Ford's exciting new product line-up helped to increase the blue oval brand's market share during March's changeover to the "09" plate. This continues a positive trend for Ford's UK share in exceptionally challenging market conditions. March 2009 highlights:●  Ford'sshare of theretail (non-fleet) car market increased b more >>
Porsche steigert Auftragseingang in Deutschland um 14,5 Prozent
07.04.2009
- Neue Modellgenerationen sorgen für Plus -  Cayenne Diesel erfolgreich angelaufen Die Dr. Ing. h.c. F. Porsche AG, Stuttgart, hat sich im ersten Quartal des Kalenderjahres 2009 auf ihrem Heimatmarkt Deutschland gut behauptet. Trotz Finanzmarktkrise und allgemeiner Kaufzurückhaltung liegt der Sportwagenhersteller beim Auftrag more >>
AUDI AG: Market shares up further in March
07.04.2009
    * Increased market shares in Western Europe and United States    * Record sales in China: Best monthly result of all time    * Head of Marketing and Sales Schwarzenbauer: “Order intake is increasing”AUDI AG continued to expand its market shares in March. In both the United States and Western Eu more >>
Scheich Hamdan bin Zayed Al Nahyan signalisiert weiteres Interesse an Opel-Beteiligung
06.04.2009
 In einem Exklusiv-Interview mit dem nordrhein-westfälischen Landessender NRW.TV hat Scheich Hamdan bin Zayed Al Nahyan, der stellvertretende Premierminister der Vereinigten Arabischen Emirate, bestätigt, dass es weiterhin ein Interesse an einer Beteiligung der Emirate am Autobauer Opel gibt und auch weitere Gespräche geführt werden.   Es ist eine more >>
Marçal Farreras, new director of SEAT España
06.04.2009
Forty-eight-year-old Barcelona-born Marçal Farreras has been appointed the new director of SEAT España, with effect as of May 1st.He takes over from the previous incumbent Pedro Catena, who goes on to other responsi more >>
Škoda Auto and Volkswagen open a joint manufacturing plant in India
05.04.2009
Škoda Auto is extending the scope of its Indian-based production – together with Volkswagen, the company has today officially opened a new joint manufacturing plant in Pune, India. Starting one year earlier than planned, the local production of the Škoda Fabia is going to start in May 2009.Škoda Auto has been manufacturing vehicles in India since 2001 - it more >>
Suzuki Automobile auf der Überholspur
05.04.2009
Marktanteil von Suzuki Automobile steigt im ersten Quartal 2009 mit 18.762 verkauften Fahrzeugen auf 2,2 Prozent - Swift bleibt der Bestseller -  Der neue Suzuki Alto startet im April Dank der staatlichen Umweltprämie verzeichnet der gesamte Klein- und Kleinstwagenmarkt ein deutliches more >>
Porsche sieht erste Anzeichen für eine Stabilisierung in Nordamerika
01.04.2009
Die Dr. Ing. h.c. F. Porsche AG, Stuttgart, hat sich im März 2009 in Nordamerika weiterhin in einem schwierigen Marktumfeld bewegt. Mit 1.921 Fahrzeugen lag die Anzahl der Auslieferungen an Kunden in Nordamerika um 27 Prozent unter dem Vorjahreswert, davon entfielen 1.749 Fahrzeuge auf die USA. Die rückläufigen Verkäufe verdeutlichen, dass der US-amerikanische Automobilmarkt more >>
Rolls-Royce welcomes new Director of Global Communications
31.03.2009
Richard Carter has joined Rolls-Royce Motor Cars as Director of Global Communications. He will be based at the company’s head office and manufacturing plant at Goodwood and will have responsibility for the brand& more >>
Porsche weist ein deutlich gestiegenes Ergebnis aus
31.03.2009
Hoher Ergebnisbeitrag aus Optionsgeschäften Die Porsche Automobil Holding SE, Stuttgart, weist nach den ersten sechs Monaten des laufenden Geschäftsjahres 2008/09 (1. August 2008 bis 31. Januar 2009) ein Ergebnis vor Steuern von 7,34 Milliarden Euro aus; im Jahr zuvor hatte der vergleichbare Wert 1,66 Milliarden Euro betragen. Verantwortlich für diese more >>
Porsche sichert sich Kreditlinie über zehn Milliarden Euro
25.03.2009
Verhandlungen erfolgreich beendetDie Porsche Automobil Holding SE, Stuttgart, hat eine neue Kreditlinie im Volumen von zehn Milliarden Euro abgeschlossen, mit der ein Kredit in gleicher Höhe abgelöst wird. Der Kreditrahmenvertrag erlaubt es Porsche, das Volumen in den nächsten Wochen auf bis zu 12,5 Milliarden Euro auszubauen. Angesichts des e more >>
Preliminary 2009 Ford proxy details annual meeting...
25.03.2009
.... shareholder proposals, compensation reductionsFord Motor Company [NYSE: F] today filed with the U.S. Securities and Exchange Commission a preliminary notice regarding its 2009 Annual Meeting of Shareholders.Ford is filing a preliminary proxy statement because of a company proposal seeking shareholder approval to issue common stock related to the com more >>
Honda Sets All-Time February Record for Auto Production in China
24.03.2009
Honda Motor Co., Ltd. announced a summary of automobile production, Japan domestic sales, and export results for the month of February 2009.<Production>Production in Japan for the month of February 2009 experienced a year-on-year decrease for the fourth consecutive month (since November 2008).Production in regions outside of Japan ex more >>
Mitsubishi Motors announces production, sales and export figures for February 2009
24.03.2009
Mitsubishi Motors Corporation today announced global production, as well as domestic sales and export figures for February 2009.# Production: total and in JapanTotal global production came in at 45,048 units, a decline of 65.0 percent over February 2008 and the twelfth consecutive monthly decrease since March. Production volume in Japan at 20,138 units was dow more >>
Weak Pound drives Ford to increase UK prices
24.03.2009
The continued weakness of the £ against the Euro, which this week edged even closer to parity, has forced Ford to increase the price of all its models within the UK from the start of April 2009. The price increase, an average of 3.75 per cent, will apply to all new orders received after 31st March."We are reacting to the continued decline of the £ against the Euro", said more >>
Abu Dhabi’s Aabar Investments to become a major Daimler shareholder
23.03.2009
   *       Daimler increases share capital by 10% with exclusion of subscription rights of existing             shareholders    *      After acquiring all new shares, Aabar will hold 9.1% of the new share capital    *  more >>
Skoda Auto's deliveries in 2008
23.03.2009
Strong crown takes its toll on financial resultsSkoda Auto Group’s 2008 financial results calculated under the International Financial Reporting Standards (IFRS) have been released today (February 23, 2009) at a press conference held in Prague.The Skoda Auto Group is made up of the parent company SKODA AUTO a.s. and its fully consolidated subsidiar more >>
Difficult fiscal year 2008 for SEAT
19.03.2009
•    SEAT brand operating result in Volkswagen Group consolidation of -78 million Euros•    SEAT, S.A. operating result of +44 million Euros•    Compact class rejuvenated and model range extended to mid-class segment•    Further vehicle from Martorell for new segment announced more >>
Die Produktion von Motoren und Getrieben für kleine Fahrzeuge steigt bei Skoda Auto dank der Abwrackpraemie
19.03.2009
Die Produktion von Motoren und Getrieben bei Škoda Auto ist anfangs des Jahres bis aufs Maximum der bestehenden Produktionskapazität gestiegen. Trotz der aktuellen weltweiten Finanzkrise erlebt das Motorenwerk somit ein Produktionswachstum. „Im Zusammenhang mit der Abwrackprämie und mit der höheren Nachfrage nach Kleinfahrzeugen ist die Produktion von Mot more >>
Personnel changes at the Daimler Trucks division
17.03.2009
The Board of Management of Daimler AG has made the following personnel decisions: Effective June 1, 2009, Martin Daum (49) will become head of Daimler Trucks North America. Martin Daum will replace Chris Patterson, who will reach the age o more >>
Ford of Europe realigns production and future sourcing needs in response to economic crisis
16.03.2009
    * Ford of Europe takes further action to bring production capacity in line with declining industry demand, and adjusts sourcing plans to meet future business needs    * Cutting capacity, reducing costs and safeguarding future product plans remain essential to sustain a viable business           more >>
Volkswagen erreicht neue Bestwerte bei Absatz, Umsatz und Gewinn
12.03.2009
- Erstmalig zweistellige Kapitalrendite- Winterkorn: „Wir halten an den Zielen für 2018 fest“- Entwicklung umweltfreundlicher Fahrzeuge und Antriebe steht im FokusDer Volkswagen Konzern hat im vergangenen Jahr trotz dramatisch verschärfter Rahmenbedingungen seine Ziele bei Absatz, Umsatz und Ergebnis erreicht und neue histo more >>
James Muir wird Vorstandsvorsitzender von Seat
11.03.2009
Prof. Winterkorn: Erich Schmitt hat Seat deutlich nach vorne gebrachtJames Muir (50) wird zum 1. September 2009 Vorstandsvorsitzender der Seat S.A. (Martorell). Er folgt auf Erich Schmitt (62), der neue Aufgaben im Konzern wahrnimmt. Der Vorstandsvorsitzende der Volkswagen AG, Prof. Dr. Martin Winterkorn, dankte Schmitt für seinen erfolgreichen Einsatz more >>
Mercedes-Benz Cars Sells 72,200 Vehicles in February
07.03.2009
    *      Delivery of 63,600 Mercedes-Benz brand vehicles    *      Unit sales of 8,600 smart models    *      Presentation of the new E-Class coupé at the Geneva Motor Show Due to the ongoing downturn on almost all mar more >>
Daimler AG Reports a 20.6 Percent Decrease for the Mercedes-Benz Cars Division in the U.S.
04.03.2009
... for February 2009    *      Mercedes-Benz Cars Division Sold a Total of 15,614 Units in the U.S.    *      Mercedes-Benz USA Records February Sales of 14,199    *      smart USA Records 1,415 Sales in FebruaryDaimler AG (stock exch more >>
Mazda reports February 2009 sales
04.03.2009
 Mazda North American Operations (MNAO) today reported February 2009 sales of 16,401, down 30.4 percent versus last year (down 27.4 percent on a DSR basis), and year-to-date sales of 31,821, down 28.9 percent. Leading the way for the month, MAZDA5 sales were up 11.7 percent over last year, selling 2,257 vehicles during the month of February.Mazda Motor de Mexico (MM more >>
Porsche schlägt sich in Nordamerika ganz ordentlich
04.03.2009
Die Dr. Ing. h.c. F. Porsche AG, Stuttgart, hat sich im Februar 2009 in den USA und Kanada in einem sehr schwierigen Marktumfeld wacker geschlagen. Mit 1.622 Fahrzeugen lag die Anzahl der Auslieferungen an Kunden in Nordamerika um zwölf Prozent unter dem Vorjahreswert; davon entfielen 1.518 Fahrzeuge auf die USA und 104 Einheiten auf Kanada. Mit einem Plus von 124 Prozent und 2 more >>
Ergebnis bei Porsche weiter gestiegen
02.03.2009
Die Porsche Automobil Holding SE, Stuttgart, kann nach den ersten sechs Monaten des laufenden Geschäftsjahres 2008/09 (1. August 2008 bis 31. Januar 2009) ein weiter gestiegenes Ergebnis vor Steuern vermelden. Das operative Ergebnis hat zwar im Rahmen der Umsatzentwicklung abgenommen, weist aber nach wie vor eine zweistellige Umsatzrendite auf – trotz erhöhter Entwicklungskosten more >>
Volkswagen Konzern steigert 2008 Umsatz und Operatives Ergebnis
02.03.2009
Die Volkswagen Aktiengesellschaft hat heute in einer Ad-hoc-Mitteilung ihre Eckzahlen für das Jahr 2008 veröffentlicht. Bei einem Umsatzplus von 4,5 Prozent auf 113,8 Mrd. EUR erzielte der Konzern ein um 3,0 Prozent höheres Operatives Ergebnis von 6,3 Mrd. EUR. „Wir haben unser Ziel erreicht und damit trotz verschärfter Rahmenbedingungen das Rekordergebnis des more >>
Marc Langenbrinck new Head of Sales and Marketing smart
01.03.2009
Effective April 1, 2009, Marc Langenbrinck will become the new Head of Sales and Marketing smart. In this capacity, he will also be heading the management team of the smart brand. He will succeed Anders-Sundt Jensen, more >>
2001-2021 copyright automobilsport.com