FORD POSTS SECOND QUARTER PRE-TAX OPERATING LOSS OF $424 MILLION ; GAINS MARKET SHARE, REDUCES CASH OUTFLOW
* Reported a pre-tax operating loss of $424 million, excluding special items, for the second quarter of 2009+ and net income of $2.3 billion, or $0.69 per share.
Special items totaled a net gain of $2.8 billion, including a $3.4 billion gain related to debt-reduction actions
* Reduced Automotive structural costs by $1.8 billion, including $1.2 billion in North America+
* Strong new products drove market share gains in all regions – North America, South America, Europe and Asia Pacific Africa – while achieving further improvements in transaction prices and margins
* Ford’s customer satisfaction with vehicle quality reached its highest level in North America and now equals Toyota; Ford, Lincoln and Mercury brand vehicles had the fewest “things gone wrong” among all automakers; Ford leads the U.S. industry in Insurance Institute for Highway Safety “Top Safety Pick” awards
* Ended the second quarter with Automotive gross cash of $21 billion; operating-related cash outflow was $1 billion, an improvement of $2.7 billion from the first quarter of 2009+++
* Raised $1.6 billion by issuing 345 million new shares of common stock; completed actions to reduce Automotive debt by $10.1 billion
* Ford Credit reported a pre-tax profit of $646 million, compared with a pre-tax loss of $294 million a year ago+
* Ford remains on track, based on current planning assumptions, to achieve its key 2011 financial targets
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FORD POSTS SECOND QUARTER PRE-TAX OPERATING LOSS OF $424 MILLION ; ... - Press Release - Ford
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