Ford Achieves 2014 Pre-Tax Profit of $6.3 Billion, Net Income of $3.2 Billion; 2015 Outlook for Pre-Tax Profit at $8.5 Billion to $9.5 Billion*
- Full year 2014 pre-tax profit of $6.3 billion, a decline of $2.3 billion compared with a year ago; full year after-tax earnings, excluding special items, were $1.16 per share, 47 cents lower compared with a year ago
- Full year net income of $3.2 billion, or 80 cents per shar
- Automotive pre-tax profit of $4.5 billion; North America profitable and Asia Pacific posted a record profit; Europe and Middle East & Africa both improved; South America reported a loss
- Wholesale volume about equal to a year ago and company revenue down 2 percent; achieved record market share in Asia Pacific, driven by record share in China
- Best results at Ford Credit since 2011
- Record-setting year of 24 vehicles launched globally, including the all-new F-150, Mustang, Escort, Ka, Transit and Lincoln MKC
- Fourth quarter pre-tax profit of $1.1 billion, a decrease of $197 million compared with a year ago; after-tax earnings per share of 26 cents, excluding special items; 22nd consecutive profitable quarter
- Fourth quarter net income of $52 million — or 1 cent per share, a decrease of $3 billion compared with a year ago — includes a non-repeat of a favorable $2.1 billion special tax item from a year ago; pre-tax special item charges of $1.2 billion reflecting primarily a one-time accounting change for Ford’s Venezuela operations, as well as separation-related actions in Europe and Asia Pacific to support the company’s transformation plans, and the settlement of the company’s 2016 Convertible Notes
- Fourth quarter wholesale volume and company revenue declined year-over-year by 2 percent and 5 percent, respectively; positive Automotive operating-related cash flow of $500 million; Automotive gross cash of $21.7 billion at end of fourth quarter exceeded debt by $7.9 billion
- Global pension plans status is unchanged despite significantly lower discount rates, reflecting the success of the de-risking strategy
- 2015 outlook for company pre-tax profit is unchanged and expected to range from $8.5 billion to $9.5 billion; higher automotive revenue and operating margin compared with 2014; improved outlook for automotive operating-related cash flow from positive to higher than 2014
