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FORD POSTS FIRST-QUARTER PROFIT

 DEARBORN, Mich., April 28 /PRNewswire/ -- Ford Motor Company (NYSE: F) earned $572 million, or $1.02 per share of common and Class B stock, in the first quarter of 1993, despite difficult economic conditions in major markets worldwide, Chairman Harold A. Poling said today.
 "We are seeing continuing signs of a slow recovery in the United States," Mr. Poling said. "For the recovery to be sustained, job creation and consumer confidence need to improve. Around the world, we still are grappling with weak economies, intense competition and excess industry capacity, all of which make achievement of improved financial results more difficult. Despite these circumstances, the company's successful new products and cost-reduction efforts should lead to better operating results in 1993 compared with 1992.
 "The Financial Services Group turned in another excellent performance, led by record-setting results from Ford Credit and The Associates," Mr. Poling added. "Once again, the Group made substantial financial contributions as the company's other core business."
 Economic difficulties aside, Mr. Poling noted that first-quarter results included many positive events:
 -- Combined car and truck market share in the U.S. improved
 to 25.7 percent, an increase of 1.6 percentage points over the
 first quarter of 1992.
 -- Six of the 10 best-selling U.S. vehicles were Fords.
 -- Ford F-Series truck and Ford Taurus remained the best-
 selling vehicle and the best-selling car in the United
 States.
 -- The latest product offerings worldwide -- including the
 Ford Mondeo, Lincoln Mark VIII and the Ford Ranger --
 are meeting with enthusiastic customer approval.
 -- Ford's Financial Services Group posted an all-time record
 quarterly profit.
 -- Ford Credit and The Associates also posted all-
 time record quarterly profits.
 Ford's first-quarter 1993 profit compares with a 1992 first-quarter profit of $223 million, or 36 cents per share, excluding the cumulative effects of accounting changes. Including the cumulative effects of changes in accounting for retiree health care benefits and for income taxes, Ford's 1992 first-quarter results were restated at year-end 1992 to show a net loss of $6.7 billion, or $13.85 per share.
 Ford's worldwide sales and revenues were $26.8 billion, up $2.2 billion from the first quarter of 1992. Factory unit sales were 1,531,000, up 75,000 units, or 5 percent. Stockholders' equity was $15.3 billion. Capital spending for the first quarter was $1.3 billion. Cash and marketable securities of the company's automotive operations were $9.3 billion on March 31, 1993. Automotive debt was $8.1 billion.
 Automotive Operations Continue to Improve, Despite European Weakness
 Ford's worldwide automotive operations posted a profit of $176 million in the first quarter, compared with a loss of $26 million a year ago, excluding the cumulative effects of accounting changes charged to the first quarter of 1992. U.S. automotive operations earned $113 million, compared with a loss of $59 million a year ago. Increased unit volume more than accounted for the U.S. gain. Outside the U.S., Ford's automotive operations earned $63 million, compared with a $33 million profit in the first quarter of 1992. Favorable effects of ongoing cost-reduction initiatives and improvements in other foreign markets more than offset volume reductions in Europe.
 Ford's total U.S. market share continued to grow during the first quarter.
 -- Ford held a 25.7 percent share of the U.S. vehicle market in
 the first quarter, up 1.6 percentage points from a year ago
 and up 1.0 point from full-year 1992.
 -- Ford's car market share rose to 23.5 percent, up 2.4 points
 from a year ago and up 1.7 points from full-year 1992.
 -- Ford's truck market share was 29.1 percent, down 0.4 of a
 point from a year ago and down 0.6 of a point from full-year
 1992.
 Ford's first-quarter vehicle share improvements contrasted with declines in total Japanese vehicle market share in the U.S. of 2.5 percentage points from a year ago and 2.3 points from full-year 1992.
 "The improvement in market share is good news as we enter the spring selling season," Mr. Poling said. "Clearly, consumers are pleased with the value and high quality of our products, including our newest offerings -- the Ford Probe, Mercury Villager, Ford Ranger and Lincoln Mark VIII. Several other products have posted strong sales gains, such as the 'One-Look' Ford Thunderbird and Mercury Cougar.
 "In Europe, the highly acclaimed new Ford Mondeo is achieving similar success with consumers. After only one month on the market, Ford has taken 150,000 dealer orders for the Mondeo."
 Strong Mondeo sales in March contributed to gains in first-quarter car market share in Europe, up 0.3 of a percentage point from a year ago and up 0.7 of a point from full-year 1992 levels, Mr. Poling said.
 Ford Financial Services Group Continues Winning Ways
 The Financial Services Group earned an all-time record profit in the first quarter of 1993. Financial Services earned $396 million, up from year-ago profits of $249 million, excluding the cumulative effects of accounting changes ($211 million favorable) in the first quarter of 1992. Profit improvements resulted primarily from reduced credit losses, increased volume and a gain on a sale of receivables.
 Ford Motor Company and Subsidiaries
 HIGHLIGHTS
 First Quarter
 1993 1992
 Worldwide factory
 sales of cars and
 trucks (in
 thousands)
 - United States 922 788
 - Outside United
 States 609 668
 Total 1,531 1,456
 Sales and revenues
 (in millions)
 - Automotive $ 22,686 $ 20,636
 - Financial
 Services 4,077 3,922
 Total $ 26,763 $ 24,558
 Income/(Loss) before
 cumulative effects
 of changes in
 accounting principles
 (in millions)
 - Automotive $ 176 $ (26)
 - Financial
 Services 396 249
 Total $ 572 $ 223
 Net income/(loss)
 (in millions)
 - Automotive $ 176 $ (7,120)
 - Financial
 Services 396 460
 Total $ 572 $ (6,660)
 Capital expenditures
 (in millions)
 - Automotive $ 1,270 $ 1,233
 - Financial
 Services 19 21
 Total $ 1,289 $ 1,254
 Stockholders' equity,
 March 31
 - Total (in millions) $ 15,258 $ 15,348
 - After-tax return on
 Common and Class B
 stockholders' equity 17.3 pct. a/
 Automotive cash,
 cash equivalents,
 and marketable
 securities,
 March 31
 (in millions) $ 9,286 $ 9,783
 Automotive debt,
 March 31
 (in millions) 8,115 8,762
 Automotive after-tax
 returns
 - On sales 0.8 pct. a/
 - On assets 1.3 pct. a/
 Shares of Common
 and Class B Stock
 (in millions)
 - Average number
 outstanding 490 484
 - Number outstanding
 at March 31 491 485
 AMOUNTS PER SHARE OF
 COMMON AND CLASS B
 STOCK AFTER PREFERRED
 STOCK DIVIDENDS
 Income/(Loss) before
 cumulative effects
 of changes in
 accounting principles
 - Automotive $ 0.21 $ (0.15)
 - Financial
 Services 0.81 0.51
 Total $ 1.02 $ 0.36
 Income/(Loss)
 - Automotive $ 0.21 $ (14.80)
 - Financial
 Services 0.81 0.95
 Total $ 1.02 $ (13.85)
 Income/(Loss) assuming
 full dilution $ 0.95 $ (13.85)
 Cash dividends per
 share of Common
 and Class B Stock $ 0.40 $ 0.40
 - - - - -
 a/ Results in these periods were a loss
 Certain amounts for first quarter 1992 have been restated to
 reflect changes adopted at year-end 1992.
 -0- 4/28/93
 /CONTACT: Judith A. Muhlberg or John W. Spelich of Ford, 313-322-9600/
 (F)


CO: Ford Motor Company ST: Michigan IN: AUT SU: ERN

DH-ML -- DE005 -- 1776 04/28/93 08:32 EDT
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Date:Apr 28, 1993
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