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.
04/26, 8:30 AM
posted by:
buenos
Still bleeding, but at least it seems to be slowing in some sectors. Is the increase in the European sector a result of the sale of AM?
04/26, 8:31 AM
posted by:
Syrax
what’s the point of this? is this good or bad to ford?
04/26, 8:33 AM
posted by:
Syrax
I guess most of AM sold cars went to the US, not europe.
04/26, 8:39 AM
posted by:
Get Real
They can’t even determine the names of cars or SUVs.
How can they be expected to run a car company ?
Doomed I tell’s ya.
Doomed.
04/26, 8:42 AM
posted by:
Get Real
I forgot, they’re doing their part to stop global warming by going out of business.
04/26, 8:50 AM
posted by:
fan
its bad for ford. the reasons / areas for increasing their profit are not the core business / not based on better sales situation for the everyday ford car.
- they increased the earnings due to lucky exchange rates… that may change to the opposite now and then
- the revenue they produced shrank, while the losses they produced increased. that equals a loss in profitability
- the profits they make are either with niche products (i see PAG as a niche, due to the rather low revenue they contribute to the total result…) or with rather small markets, that do NOT produce enough revenue to balance the losses they make in their core market(s)…
04/26, 9:14 AM
posted by:
Jazz
Dang, Ford is huge in Europe
04/26, 9:25 AM
posted by:
RSPINAJR
I’m pretty sure PAG has only made money this quarter due to the sale of Aston – it normally bleeds pretty bad
04/26, 9:29 AM
posted by:
gbb
FoMoCo will get thru it, they have before.
04/26, 10:00 AM
posted by:
Get Real
Jaguar does’t bleed money, an artery is gushing.
Lincoln is NOT part of PAG. (Ford’s better idea ??)
Destroy Lincoln with clones. (The Way Forward !!)
04/26, 11:09 AM
posted by:
PrimeGTP
Ford’s success in Europe is to be expected, they are huge there and considered very high quality and reliable, which is ironic when you think of the fact that Europeans bash American manufacturers all the time, yet half of them own Fords, especially in England. What does surprise me is the increase in PAG profits. I’m pretty sure the sale of Aston is a special item, and therefore would not be included in those figures.
Looks like Asia Pacific is tanking, possibly from the new competition from GM China’s Buick revitalization and the increase in activity from the Chinese design-stealing makers.
Ford also NEEDS to snap up their North American division, or they will not have the wealth backing for their continued global operations. If North America falls, Ford falls. Plain and simple.
04/26, 12:11 PM
posted by:
1487_GM_SALES
Looking at General Motors and Ford, I’d say GM is well ahead on a turnaround, which may come at the cost of Ford.
Hopefully cars like the new Malibu, CTS, Buick “Supers” and Lambda SUV’s will continue to pull sales out of Ford and get even more customers into GM showrooms. As long as General Motors stays focused and doesn;t let any segment get away from them, they will back to dominating the landcape instead of Toy Ota.
04/26, 3:33 PM
posted by:
Rompn4x
Thats funny how Europeans bash on American cars yet drive Fords (even though they are made in Europe it’s still an American company)… Kinda like a person in America complaining about job losses yet has a Honda and Lexus parked out front.
04/26, 4:58 PM
posted by:
Ray Sinclair
We can definitely see where Ford’s money went these past few years. Land Rover, Jaguar, Volvo, Mazda, Astin, etc, all got newer, cooler-than-before products. Ford pretty much neglected its own lineup. Time will tell if they can make the turnaround.
04/26, 5:08 PM
posted by:
Gypsy
I drive a Focus and like it. It is not exciting, like say the European focus. If US Ford offered us cars that the Europeans get they would probably sell more. By the way the European Focus has climate control, has better fuel economy and is available in a diesel. I guess Ford just wants to sell Suuu-Veee’s to the US market. Keep calling hogs and see what happens to sales. I will buy another Ford when the EV Ranger is re-introduced or the Escape is made as an EV (but that’s not going to happen). By the way Suuu-Veee is kind of like calling Hogs.
04/27, 12:41 AM
posted by:
Ray Sinclair
All of the Crown Vics police interceptors in my town are being replaced by stocky chargers…it’s a shame.
I’m just kidding, I don’t REALLY care.
04/27, 4:33 AM
posted by:
Fletch
I’m sure Ford’s North American vehicle lineup has safe, reliable vehciles. They don’t have much in their line-up or concept cars to create a buzz or excitment.
It seems that GM is much furthur ahead in their turnaround.
04/27, 8:12 AM
posted by:
gbb
Ford Australia has some pretty cool stuff that should be offered in the US. Nothing Ford offers in the US is even close. Shame.
04/29, 11:22 AM
posted by:
LamborghiniZ
Keep the money loss going Ford!!!! NICE WORK!