This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Ford Motor's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Let's look more closely now to the financial highlights for the quarter. Slide 4 summarizes our first quarter business results compared with a year ago.

Wholesale volume was about 1.4 million units, down 45,000 units or 3% from a year ago. Revenue was about $32 billion, a decline of $700 million or about 2%. Pretax operating profit, excluding special items, was $2.3 billion, $544 million lower than a year ago. Earnings were $0.39 per share, $0.08 lower than last year's earnings per share, adjusted for the tax valuation allowance release. Net income attributable to Ford, including the unfavorable pretax special items of $255 million, was $1.4 billion or $0.35 per share, a $1.2 billion decrease from a year ago. And about half of that increase in net income reflects higher tax expense related to the valuation allowance released in the fourth quarter of 2011, with the balance explained by lower operating results and increased special charges.

Automotive operating-related cash flow was $900 million, the eighth consecutive quarter of positive performance. We ended the quarter with $23 billion of Automotive gross cash and with Automotive gross cash exceeding debt by $9.3 billion. This is a net cash improvement of $4.6 billion compared with a year ago.

Overall, we had a strong start to the year, reflecting the continued success of our ONE Ford plan.

There are a number of other business highlights in the quarter as shown on Slide 5. First, we continued our strong cadence of global new product introductions and concept reveals, starting with the EcoSport in India and Brazil, followed by the Fusion and the Lincoln MKZ Concept in the U.S. In Europe, we also introduced the B-MAX, the Fiesta ST, the Kuga and Tourneo Custom Concept. In March, our CFMA joint venture opened a second assembly plant in Chongqing, increasing our passenger car capacity in China by 1/3. We delivered our 4 million SYNC system in the U.S. and announced that the new B-MAX will be the first product in Europe to offer SYNC.

3 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,113.54 +61.81 0.36%
S&P 500 1,983.53 +9.90 0.50%
NASDAQ 4,456.0160 +31.3120 0.71%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs