Ford just announced its financial results for the first quarter of 2011 — and they’re as stellar as they come, outperforming most analyst estimates. The Blue Oval reported $33.1 billion in revenue — a $5 billion year-over-year increase (from Q1 2010) — and $2.6 billion in net income (66 cents per share) — a $466 million (or 11 cents per share) increase.
Pre-tax operating profit for Q1 was $2.8 billion (62 cents per share) — an increase of $827 million, with Ford Automotive bringing in $2.1 billion of that number (an increase of $936 million from Q1 2010) while Ford Credit accounting for $713 million (a decrease of $115 million from Q1 2010).
Ford also reduced Automotive debt by $2.5 billion, ending the quarter with $21.3 billion in Automotive gross cash — an $800 million increase compared to December 31, 2010. Overall liquidity was increased, including the addition of $1.7 billion of capacity to its secured revolving credit facility.
More details for the financial whiz in you is available in the press release.[expand]
FORD REPORTS $2.6 BILLION 2011 FIRST QUARTER NET INCOME AS ONE FORD PLAN CONTINUES STRONG PROGRESS+
- First quarter net income was $2.6 billion, or 61 cents per share, a $466 million increase from first quarter 2010. Pre-tax operating profit was $2.8 billion, or 62 cents per share, an increase of $827 million from first quarter 2010. Ford has posted a pre-tax operating profit for seven consecutive quarters.
- Automotive pre-tax operating profit was $2.1 billion for the first quarter, an increase of $936 million from first quarter 2010.
- Ford Credit reported a pre-tax operating profit of $713 million for the first quarter, a decrease of $115 million from first quarter 2010.
- Total Company revenue was $33.1 billion in the first quarter, up $5 billion from first quarter 2010.
- Ford generated positive Automotive operating-related cash flow of $2.2 billion in the first quarter, an improvement of $2.3 billion from first quarter 2010.
- Ford continued to reduce Automotive debt with an additional $2.5 billion of net debt reductions in the first quarter as a result of the redemption of all outstanding Trust Preferred Securities.
- Ford ended the first quarter with Automotive gross cash of $21.3 billion, an increase of $800 million compared to the end of 2010. Ford’s Automotive gross cash exceeded debt by $4.7 billion, an improvement of $3.3 billion from year end 2010.
- Ford ended the first quarter with $30.7 billion in total Automotive liquidity, an increase of $2.8 billion from year end 2010.
- For full year results, Ford plans to deliver continued improvement in pre-tax operating profit and Automotive operating-related cash flow compared to 2010.
- Completed additional debt reduction action with a $3 billion redemption of Ford’s Trust Preferred Securities, while increasing liquidity by $2.8 billion
- Announced investment of $400 million and retention of 3,750 full-time jobs at the Kansas City Assembly Plant for a new vehicle to be built at the facility
- Signed a Memorandum of Understanding with Sollers to form a 50:50-owned JV to expand production and distribution of Ford vehicles in Russia
- Posted 16% increase in U.S. sales due to strong demand for fuel-efficient products such as Fiesta, Fusion, Edge, Escape, Explorer and F-Series
- Remained top-selling automaker in Canada, reporting an 8.6% year-over-year sales increase
- Increased Asia Pacific Africa share to 2.4%, fueled by Fiesta, Focus, Figo and Ranger; China sales increased 18%, India up 115%
- Lincoln won top spot in J.D. Power Vehicle Dependability survey
- Unveiled Ford B-MAX small car and Ranger Wildtrak pickup at the 2011 Geneva Motor Show
- Announced SYNC with MyFord Touch expansion to Europe in 2012
- Launched EcoBoost engine technology in China with production of the 2011 Ford Mondeo at the Changan Ford Mazda Automotive plant
- Fiesta became the first in its segment to earn top safety ratings in the world’s largest markets — the U.S., Europe, and China
- Introduced a new Cargo truck in Brazil, representing our commitment to competitiveness in a critical segment in South America
$33 million, compared with a profit of $23 million a year ago. The increase is more than explained by lower contribution costs. Revenue in the first quarter, which excludes sales at unconsolidated China joint ventures, was $2.1 billion, up $500 million from a year ago.
- 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