FORD YEAR-END FINANCIAL RESULTS
/FOLLOWING IS REPEAT OF RELEASE MOVED EARLIER/
DEARBORN, Mich., Feb. 13 /PRNewswire/ -- A loss of $476 million, or $1.03 per share of Common and Class B Stock, for the fourth quarter of 1991, was reported today by Harold A. (Red) Poling and Philip E. Benton Jr., chairman and president, respectively, of Ford Motor Company (NYSE: F).
The fourth-quarter results show an improvement of $43 million compared with 1990's fourth-quarter loss of $519 million. Factory unit sales were 1,296,000 in the fourth quarter of 1991, down 140,000 units, or 9.7 percent.
"The improvement in our fourth-quarter results compared with last year, despite substantially lower volume, indicates that our efforts to reduce costs without compromising our product plans are working," Poling said.
In the fourth quarter of 1991, U.S. automotive operations lost $506 million -- an improvement of $77 million from the 1990 loss of $583 million. Outside the U.S., automotive operations lost $206 million in the final quarter compared to a loss of $123 million a year ago.
The Financial Services Group earned $236 million, an increase of $49 million over the fourth quarter of 1990, reflecting strong performances by Ford Credit and The Associates. Full Year 1991 Results
For the 1991 full year, Ford Motor Company lost $2.3 billion, or $4.79 per share of Common and Class B Stock, compared with earnings of $860 million, or $1.86 per share in 1990. Worldwide sales and revenues for the company totaled $88.3 billion, down 9.6 percent from 1990. Factory unit sales were 5,359,000, down 513,000 units.
Ford's worldwide automotive operations lost $3.2 billion in 1991, compared with earnings of $99 million in 1990. The 1991 automotive loss in the U.S. was $2.2 billion, compared with a loss of $17 million in 1990.
Outside the U.S., automotive losses were $970 million, compared with earnings of $116 million in 1990. Profits on the European continent and in other overseas markets were more than offset by losses at Ford of Britain of $761 million and Jaguar of $354 million.
Ford's Financial Services Group reported record earnings of $927 million in 1991, up 22 percent from earnings of $761 million in 1990. Ford Credit, The Associates, and U.S. Leasing achieved record earnings in 1991, providing stable profits to cushion the cyclical automotive results.
Stockholders' equity was $22.7 billion at year end. Cash and marketable securities of the company's automotive operations were $9.8 billion while debt was $9.1 billion. Capital expenditures were $5.8 billion. Outlook for 1992
"Many of the problems that affected us in 1991 are continuing into 1992 -- soft economies, intense competition and excess industry capacity," Poling stated. "Our relentless cost-reduction program, however, coupled with gradual economic recovery, gives us reason to believe our 1992 operating results will show substantial improvement." U.S. Automotive Market
The company's full-year share of the U.S. car market was 20.1 percent, down one percentage point from a year ago, largely reflecting weaker demand for two-door sporty cars. Ford, however, continued to have two of the top five best-selling cars -- Ford Taurus and Ford Escort -- for the sixth consecutive year.
The company's F-Series pickup truck continued to be the best-selling vehicle in America for the 10th straight year and Ford had three of the top four best-selling trucks -- Explorer and Ranger along with the F-Series. U.S. full-year truck share was 28.9 percent -- down 0.4 percentage points from 1990. European Automotive Market
In Europe, Ford's full-year car-market share was 12.1 percent, up 0.3 percentage points from 1990. It was the highest share since 1987. Record market shares in Italy and France, as well as record sales in Germany, more than offset depressed sales in Britain.
Car-industry volume in Britain dropped 21 percent, the largest single drop in 40 years. Ford's market share was down one percentage point but Ford retained car-market leadership for the 15th consecutive year with a 24.4 percent share. Ford had three of the four top-selling cars -- Fiesta, Escort and Sierra.
"We believe the worst is behind us in Britain and we expect a modest economic recovery this year," Poling said. "In addition, we are pleased Jaguar is achieving its strategic priorities -- substantially higher quality and lower cost." Other International Markets
In the Asia-Pacific region, Ford retained car-sales leadership in Australia and Taiwan.
In Latin America, Ford's Autolatina joint venture with Volkswagen had a full-year car-market share of about 52 percent in Brazil and 23 percent in Argentina.
Ford Motor Company and Subsidiaries
Fourth Fourth Full Full
Quarter Quarter Year Year
1991 1990 1991 1990
sales of cars,
trucks, and tractors
- United States 700 753 2,869 3,284
- Outside United
States 596 683 2,490 2,588
Total 1,296 1,436 5,359 5,872
Sales and revenues
- Automotive $ 17,897.3 $ 20,042.8 $ 72,050.9 $ 81,844.0
Services 4,084.6 4,148.0 16,235.4 15,806.0
Total $ 21,981.9 $ 24,190.8 $ 88,286.3 $ 97,650.0
- Automotive $ (712.3) $ (706.7) $ (3,185.5) $ 98.7
Services 236.6 188.2 927.5 761.4
Total $ (475.7) $ (518.5) $ (2,258.0) $ 860.1
share of Common
and Class B Stock
- Automotive $ (1.52) $ (1.51) $ (6.74) $ 0.21
Services 0.49 0.40 1.95 1.65
Total $ (1.03) $ (1.11) $ (4.79) $ 1.86
- Automotive $ 1,544.5 $ 2,018.2 $ 5,723.2 $ 7,162.9
Services 37.2 23.2 124.1 94.6
Total $ 1,581.7 $ 2,041.4 $ 5,847.3 $ 7,257.5
(in millions) $ 22,690.3 $ 23,238.1 $ 22,690.3 $ 23,238.1
equity (pct.) a/ a/ a/ 3.7
Cash dividends per
share of Common
and Class B Stock $ 0.40 $ 0.75 $ 1.95 $ 3.00
- on sales (pct.) a/ a/ a/ 0.2
- on assets (pct.) a/ a/ a/ 0.3
(in millions) $ 9,752.5 $ 6,078.0 $ 9,752.5 $ 6,078.0
Shares of Common
and Class B Stock
- average number
outstanding 481.6 467.5 475.8 462.7
- number outstanding
at December 31 483.2 469.7 483.2 469.7
- - - - -
a/ Results in these periods were a loss
/CONTACT: Gene Koch, John Ochs, or Jim Vella of Ford, 313-322-9600/
(F) CO: Ford Motor Company ST: Michigan IN: AUT SU: ERN 1125 02-13-92 08:29 EST ML-DD -- DE001 -- 9821 02/13/92 14:17 EST