Ford today reported a net loss of 15 cents per share, or $282 million, for the first quarter of 2007. This compares with a net loss of 76 cents per share, or $1.4 billion, in the first quarter of 2006. Ford’s first-quarter loss from continuing operations, excluding special items, was 9 cents per share, or $171 million, compared with a profit of 12 cents per share, or $223 million, in the same period a year ago.
The following discussion of the results of our Automotive sector and Automotive segments/business units is on a basis that excludes special items:
On a pre-tax basis, worldwide Automotive sector losses in the first quarter were $225 million. This compares with a pre-tax loss of $203 million during the same period a year ago.
Worldwide Automotive revenue for the first quarter was $38.6 billion, up from $37 billion in the same period last year. The increase is due to favorable currency exchange, despite lower sales. Vehicle wholesales in the first quarter were 1,650,000, down from 1,756,000 a year ago.
Ford North America: In the first quarter, Ford’s North America Automotive operations reported a pre-tax loss of $614 million, compared with a pre-tax loss of $442 million a year ago. Revenue was $18.2 billion, down from $19.8 billion for the same period a year ago.
Ford South America: Ford’s South America Automotive operations reported a first-quarter pre-tax profit of $113 million, compared with a pre-tax profit of $137 million a year ago. First quarter revenue improved to $1.3 billion from $1.2 billion in 2006.
Ford Europe: Ford Europe’s first-quarter pre-tax profit was $219 million compared with a pre-tax profit of $65 million during the same period in 2006. During the first quarter of 2007, Ford Europe’s revenue was $8.6 billion, compared with $6.8 billion during the first quarter of 2006.
Premier Automotive Group (PAG): PAG reported a record pre-tax profit of $402 million for the first quarter, compared with a pre-tax profit of $152 million for the same period in 2006. First-quarter 2007 revenue was $8.4 billion, compared with $7.1 billion a year ago.
Ford Asia Pacific and Africa: For the first quarter, Ford Asia Pacific and Africa reported a pre-tax loss of $26 million, compared with a pre-tax profit of $2 million a year ago. Revenue was $1.8 billion for the first quarter of 2007, compared with $1.7 billion in 2006.
For the first quarter, Financial Services sector earned a pre-tax profit of $294 million, compared with a pre-tax profit of $375 million a year ago. Ford Motor Credit reported net income of $193 million in the first quarter of 2007, down $55 million from earnings of $248 million a year earlier.
