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#1 | ||
Compulsive Hobbiest
Join Date: May 2006
Location: Ohio, USA
Posts: 1,032
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http://news.yahoo.com/s/ap/20091102/.../us_earns_ford
Ford surprises with $1B profit; sees profit in '11 Associated Press By TOM KRISHER and DEE-ANN DURBIN, AP Auto Writers Tom Krisher And Dee-ann Durbin, Ap Auto Writers – 46 mins ago DEARBORN, Mich. – Ford, the only Detroit automaker to dodge direct government aid and bankruptcy court, surprised investors with net income of nearly $1 billion in the third quarter and forecast a "solidly profitable" 2011. The automaker said Monday earnings were fueled by U.S. market share gains, cost cuts and the Cash for Clunkers program, which drew flocks of buyers to showrooms this summer. Ford's shares rose 68 cents, or 9.8 percent, to $7.68 in morning trading. The latest results signal that Ford's turnaround is on more solid ground. The company lost more than $14.6 billion last year and hasn't posted a full-year profit since 2005. While it made a profit in the second quarter, that was mainly due to debt reductions that cut its interest payments. Ford, based in Dearborn, Mich., reported third-quarter net income of $997 million, or 29 cents per share. Its profit forecast for 2011 was a step above previous guidance of break-even or better for the year. Ford's key North American car and truck division posted a pretax profit of $357 million, the division's first quarter in the black since early 2005. Ford cited higher pricing, lower material costs and increased market share for the improvement. Excluding one-time items, Ford earned 26 cents per share, blowing away analysts' expectations of a loss of 12 cents. The earnings came despite an $800 million revenue drop. But Ford said it cut costs by $1 billion during the quarter, accomplished through layoffs in North America and Europe, reduced pension and retiree health care costs and improvements in productivity and product development. Chief financial officer Lewis Booth said the company took in $1.3 billion more than it spent in the quarter, an improvement over its $1 billion cash burn in the second quarter. "That's a huge deal," Booth said. Ford's plan to create demand and get better prices for its products, coupled with cost cuts, gave the company confidence that it will make money in 2011, Booth said. But Ford still faces obstacles in its turnaround. Last week, workers overwhelmingly rejected an agreement with the United Auto Workers that would have brought Ford's labor costs in line with rivals General Motors Corp. and Chrysler LLC. Workers objected to clauses limiting their right to strike and freezing entry-level wages, and felt the company was healthy enough and didn't need further concessions. The rejected deal also would have changed rules so skilled tradesmen such as electricians and pipefitters work in teams and perform more than one task. Rejection of the deal isn't likely to place Ford at an immediate cost disadvantage to its crosstown rivals because savings from the concessions are longer-term, said Gary Chaison, a professor of labor relations at Clark University in Worcester, Mass. Neither the company nor the UAW has released any cost savings numbers. The third-quarter profit makes it extremely unlikely that the company will push to head back to the bargaining table before the current UAW contract expires in the fall of 2011, and union leaders also are unlikely to take another deal to the membership, Chaison said. "I think the company has no credibility asking for concessions now, and I think the leadership is quite embarrased for making a case for concessions," he said. Chaison said Ford could make some noise about moving new vehicle production to Canada, where unionized workers on Sunday approved a package of concessions, but it's more likely that Ford will live with the current contract until 2011. The other area where Ford has a cost disadvantage is debt. Ford reported $26.9 billion in debt, up $800 million from the second quarter. The company avoided the same fate as rivals Chrysler and GM by mortgaging its factories and even the familiar blue oval logo to borrow $23.5 billion before credit markets froze last year. Ford didn't quantify the impact of Cash for Clunkers, which offered buyers rebates to trade in their vehicles. The program helped Ford cut costly incentives and raise production. It also won buyers; the fuel-efficient Ford Focus sedan and Ford Escape, a small SUV, were among the top five sellers under clunkers. Ford sales climbed 17 percent in August thanks to the program. Ford's revenue fell $800 million for the quarter, to $30.9 billion, due mainly to its financial services arm, Ford Motor Credit, making fewer loans. But the division still posted a pretax profit of $677 million, and revenue from auto operations rose slightly to $27.9 billion. Ford also has benefited from consumer goodwill after it declined government bailout money and didn't go into bankruptcy over the summer as GM and Chrysler did. Ford grabbed sales from its rivals, posting the largest increase in market share of any automaker in September. Ford expects an overall gain in U.S. market share in 2009, a feat it hasn't accomplished since 1995. (This version CORRECTS 5th graf that Ford's North American car and truck division posted the first pretax profit since the first quarter of 2005 sted company's first pretax profit since first quarter of 2005) That's why they wanted us to vote "Yes" for the latest modifications to the contract by yesterday, because this news was coming out today. Even the US market posted a profit, and operating cost reductions in the 3rd quarter alone of $1 billion. Steve
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#2 | ||
Banned
Join Date: Oct 2009
Location: nsw
Posts: 131
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Good to see a turnaround, be intrestesting to see what the company posts at the end of the year though.
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#3 | ||
Compulsive Hobbiest
Join Date: May 2006
Location: Ohio, USA
Posts: 1,032
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I agree. Of course they won't be "in the money" but it will be another incremental improvement over the year before that should be pretty good news.
Steve
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#4 | ||
Banned
Join Date: Oct 2009
Location: nsw
Posts: 131
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I suppose if they can survive this down turn and continue to pay the loans off in the process they'll end up in a pretty decent situation seeing as the other 2 are just about broke.
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#5 | ||
Chairman & Administrator
![]() ![]() Join Date: Dec 2004
Location: 1975
Posts: 107,024
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It's to the credit of the senior management team that they bit some of the harder bullets before the GFC really hit and were thus well progressed in dealing with the historical issues that were dragging all three of the traditional manufacturers down.
They aren't out of the woods by any means but they are certainly better positioned that either GM (who have ceased to be a public company in any sense of the term) or Chrysler (although the French tie is interesting for history buffs) and as long as they continue to make the hard decisions and build good product then we should see blue oval product well into the foreseeable future. Cheers Russ
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Observatio Facta Rotae
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#6 | ||
FF.Com.Au Hardcore
Join Date: May 2009
Posts: 1,294
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Yeah i agree, and great news, it's better than loss's i always see when i read these news articles.
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#7 | ||
The Vengeful One
![]() Join Date: Apr 2006
Location: Tazzy
Posts: 12,762
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Any profit is welcome, GM should be red faced that one of there biggest competitors is making profit in the same year they went bust!
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#8 | ||
FF.Com.Au Hardcore
Join Date: Mar 2005
Location: Vic/NSW
Posts: 2,687
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Just 15 more year like this one to pay off last years debt.....
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#9 | ||
Compulsive Hobbiest
Join Date: May 2006
Location: Ohio, USA
Posts: 1,032
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Ford made this profit while paying on their loans is the impression I am under.
On CNBC news an analyst said that if Ford can make money in this sized auto market and this economy, then when the auto market recovers it will be making serious profits. Makes sense to me. I will complain about Mulally now getting greedy with labor cuts of all kinds (personnel, wages, etc,) but I will also give him due credit for turning this company around. Without him I believe we would be gone. Right now we are the most competitive of the American companies (productivity, quality, costs) and we are right there with the transplants, though an RDA report shows Ford as #1 in initial quality of all full-line auto manufacturers in the US, and now that the Fusion has been out long enough to qualify, Ford's long range quality has also been given highest ranks. Steve
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#10 | ||
Oo\===/oO
Join Date: Jan 2007
Location: Tamworth
Posts: 11,348
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This is the best news possible.
"Ford into the future!"
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#11 | ||
I ♥ EDM
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Posts: 5,141
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Whilst the good news may be short lived. It is still good news nonetheless. Hopefully we can see Ford Aus. follow suit. Given the article I read a month ago about Ford Aus. being caught off guard by a sudden jump in the demand for Falcons, having a back order by about 8 months, I'd say the message is finally hitting home here too...
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#12 | ||
"Iron Outlaw"
Join Date: Dec 2007
Location: Bribie Island QLD
Posts: 548
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I bet a lot of that profit came from parts, like bonnet cables
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#13 | |||
BF Ute...
Join Date: Jul 2005
Posts: 1,351
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#14 | ||
IWCMOGTVM Club Supporter
Join Date: Sep 2005
Location: Northern Suburbs Melbourne
Posts: 17,798
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#15 | ||||
Chasing a FORD project!
Join Date: Jul 2008
Location: adelaide
Posts: 5,114
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Quote:
i'd prefer ford have done that than go down the same path as chysler and GM. at least if you give ford money they can pay it back.
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#16 | ||
Compulsive Hobbiest
Join Date: May 2006
Location: Ohio, USA
Posts: 1,032
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Yes, Ford had informed me (not like they call me at home though
![]() Ford has taken action with their loans that saves them $500 million a year just in interest alone. Add this to the more than $5 billion in cost cuts over the past 4 or so years and Ford has become quite frugal. Wait, since Ford said they saved $1 billion in operating costs in the 3rd quarter that would make $6 billion in operating cost savings. Nice to hear about the uptick in Falcon sales. I too am cautiously optimistic. This is great news and knowing things from the inside I can be confident of continued good news, even if it isn't THIS good. However, you never know how the economy, or customer habits, are going to go. Ford will always have some debt. All auto manufacturers do. However, when Ford has these loans paid off, and their amount of debt is back to a business norm, Ford is going to be a money making machine. Now I am just waiting to see how the public responds when J.D. Power announces results of their surveys that confirm the RDA surveys (they almost always do) that Ford has the highest initial quality. How long will it take for people to say "Damn.....I guess it's time to check out a Ford." The latest modifications to the UAW contract were overwhelmingly voted down. There were three things that were the biggest concerns. One was not being able to strike over wage and benefit "improvements", as it was worded, though it did not say improvements as deemed by which side of the negotiations, Union or Company. A lot was left open for interpretation. It could have meant improvements that the company would demand, which of course means lower wages and benefits, which would be an improvement to their business model. There are many retirees that DID go out on strike decades ago and sacrificed financially to assure we have this right to protect our wages and benefits. We couldn't tell them they did that in vane. The UAW has not struck Ford as a whole (excepting one or two localized wildcat strikes) since the late 1970's. The company and the Union have a good relationship. Why are they suddenly concerned about us striking? What have they got in mind? Another was to freeze the new hire's wages at the starting wage of about $14.50 an hour until 2015. This means that all those employees currently earning this amount, and all those that would be hired up to 2015 would stay at that amount of pay. Currently there is a cap where up to 20% of the workforce in a plant earns the "starting pay", and then when a senior employee retires, or dies, a starting pay employee can move up to that wage level. If we voted for this they would not be able to move up until 2015. As Ford's business improves between now and then new people will need to be hired and the percentage of people working on the line, making the cheap wage, would easily increase to over 20%. That's a lot of workers feeling that they shouldn't have to work as hard as the senior employee next to him that is making almost twice as much. This creates animosity. As a point of fact, EVERYONE'S wages have been frozen since 2005. We voted and approved this then, and again in the 2007 contract negotiations. That freeze will be up in 2011 when this contract expires. It will be open for negotiation but I don't know if the Union will ask for an hourly pay increase. If I had to guess I would say no, they will not, but that would most likely be the last time. They might ask for the bonuses we gave up though (some holiday bonus, holiday pay, performance bonus). The third thing was combining skilled trades classifications so that there would only be "Mechanical" and "Electrical" classifications. This would blur lines of demarcation and create anarchy over who would perform which tasks, which has an affect on how many tradesmen of a given trade would be needed. I have to admit that I don't know enough of how well this would work, or not, but I can already see the arguments and animosity that would arrise out of this practice. For example, even though I am a Toolmaker I know how to weld. We also have welders that would take exception to me welding. This is a simple example of an arm wrestling match. No matter the rules (one classification, "Mechanical"), there's the pride. To tempt the members to vote for the modifications the company offered a $1,000 signing bonus and re-iterations of committments that were made in 2007 and in March 2009, even while we were being told the company was reneging on a contractual promise to build a new body shop at our plant. Yeah, they promised in the contract to build us a new body shop (ours is 18 years old with an original life expectancy of 5 years) and we were now being told this is not going to happen, even though it is in writing. $1,000 and promises to keep promises, while they tell us they are breaking one today, doesn't hold a lot of weight. Steve
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#17 | ||
FF.Com.Au Hardcore
Join Date: Jul 2009
Posts: 727
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Well done , at last a positive outlook that surely casts a ray of sunshine into the doom & gloom of the past twelve months. thanks Ohio XB for the updates - Falcon sales are on the increase, hopefully the trickle effect has started and will continue also for FOA.
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#18 | |||
FF.Com.Au Hardcore
Join Date: Jan 2009
Posts: 2,653
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Very good new.. Lets hope Ford Aus contributed to this profit for the quarter.
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#19 | ||||||||||
Compulsive Hobbiest
Join Date: May 2006
Location: Ohio, USA
Posts: 1,032
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I posted what I did about the contract modifications because the press is making it out to be that because the modifications were voted down, now Ford is at a disadvantage to GM and Chrysler. Ford and the UAW started working on making Ford competitive in 2005 and a number of times since then, including the "transformational" (Ford's term) contract of 2007, and it has now been opened 3 times to modify it.
Here is a post I made at another message board. The poster I was replying to brought up some concerns that a lot of people have so I took the opportunity to address them: ************************ Joe G, you bring up some good points. No, I am not celebrating the end of bad times at Ford, just celebrating some good that IS happening. You bring up a lot of points that a LOT of American are thinking. I'll address each. Quote:
Cash for Clunkers: Alan Mulally said on CNBC that even without C4C they would have made money. Sure, it helped, but it was not the only reason. Volvo: Though there has been a lot of talk Ford has NOT sold Volvo yet, so there is no money from that. Yes, Ford is going to sell Volvo, but it hasn't happened yet, and cannot be factored into 3rd quarter earnings. Quote:
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That's exactly how you and I would think, but this is not unusual. Look at this report from 2007 where Ford was hailed for making profit. They made only $750 million on $44.2 billion. So, Ford is making more money on less income. These kinds of profit margins are similar at all auto manufacturers. http://www.autoblog.com/2007/07/26/e...-of-750-milli/ PRESS RELEASE: FORD REPORTS A NET PROFIT OF $750 MILLION DEARBORN, Mich., July 26, 2007 - Ford Motor Company [NYSE: F] today reported a net profit of 31 cents per share, or $750 million, for the second quarter of 2007. This compares with a net loss of 17 cents per share, or $317 million, in the second quarter of 2006. Ford's second-quarter revenue was $44.2 billion, up from $41.9 billion a year ago. The increase primarily reflected currency exchange, mix and net pricing improvements, partially offset by lower volume. Quote:
Also, Ford announced that they cut operating costs in the 3rd quarter by $1 billion. That brings the total operating cost cuts to $4.6 billion just this year. Quote:
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The "UAW-run healthcare plan" is NOT run by the UAW. There is an independent third party that adminstrates the plan. The VEBA, which is the healthcare plan, was requested by FORD. Ford Motor Company approached the UAW to set up a VEBA plan to handle healthcare for the retirees as it would help Ford's books. It was the COMPANY'S idea and desire. As such, they also worked with the UAW on how to initially fund the program and Ford knew how it would go. They agreed to the final language and terms, an initiative they undertook. Now they just need to follow through. GM and Chysler went through bankruptcy. I have no idea how their VEBA's are being funded now. Mark Fields, Vice-Pres of the Americas, has said we have a competitive advantage over GM and Chrysler because the Government does not have a hand in business decisions at our company like at GM and Chysler. Quote:
The UAW chose to deal with Ford in March on concessions before the Gov laid down the law at GM and Chrysler. As such, Ford had already gained a better, competitive position before GM and Chrysler did. In the latest modifications to the Ford agreement, that was just overwhelmingly turned down by the UAW, there were NO monetary concessions. This would not have saved the company a dollar in labor costs if it had been approved. Let me correct that. Because of the consolidation of Skilled Trades into only "Electrical" and "Mechanical" classifications there would have been a few less workers at each plant. Basically, just more lay-offs, which are already ongoing. We started repositioning Ford to be more competitive in 2005 when we reopened the contract to create "competitive operating agreements" at the local level at all Ford plants. The 2007 contract was defined by Ford as "transformational" because of the sweeping concessions and changes to work rules that were made. Since then that contract has been changed for more concessions twice. October's modification would have been the third time. The UAW has historically never opened a signed contract for renegotiation, but has at Ford 4 times now since 2005. What I am saying is that the changes at GM and Chrysler are merely to "catch them up" to the changes that have occured at Ford starting 4 years ago. Right now Ford is more productive, with higher quality, and at a lower cost than GM and Chrysler, and are even with, or better, in competitiveness than the transplants, on an individual basis. The general public is not fully aware of all the changes that have occured at Ford, nor for how long. Quote:
Here are the highlights from Ford's report... http://media.ford.com/article_displa...ticle_id=31244 Reported net income of $997 million, or 29 cents per share, an improvement of $1.2 billion from the third quarter of 2008. Pre-tax operating profit totaled $1.1 billion, an improvement of $3.9 billion from a year ago. It is Ford’s first pre-tax operating profit since the first quarter of 2008 Ford North America posted a pre-tax operating profit of $357 million, its first profitable quarter since the first quarter of 2005 Reduced Automotive structural costs by $1 billion, bringing the total reduction to $4.6 billion through the first nine months of 2009, and exceeding the full-year target of $4 billion A strong product lineup drove market share gains in North America, South America and Europe as well as continued improvements in transaction prices and margins Ended the quarter with $23.8 billion of Automotive gross cash, up $2.8 billion from the end of second quarter 2009++ Achieved positive Automotive operating-related cash flow of $1.3 billion for the third quarter, a $2.3 billion improvement over the second quarter Ford Credit reported a pre-tax operating profit of $677 million, a $516 million improvement from a year ago Ford now expects to be solidly profitable in 2011, excluding special items, with positive operating-related cash flow Thanks for making your post. It gets out a lot of what a lot of people are thinking. Steve
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#20 | |||
Peter Car
Join Date: Dec 2004
Location: geelong
Posts: 23,145
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#21 | ||
BOSS 5.4L Enthusiast
Join Date: Aug 2005
Posts: 21,906
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Things finally picking up, good on them for putting in the hard work and getting the job done.
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#22 | ||
Regular Member
Join Date: Mar 2008
Posts: 459
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Ford Sells $2.3 Billion of Convertible Notes to Reduce Debt
Nov. 4 (Bloomberg) -- Ford Motor Co., the only major U.S. automaker to avoid bankruptcy, sold $2.5 billion of convertible notes, 25 percent more than planned, in the largest offering of the debt this year. Convertible bonds have returned 36.7 percent this year, rebounding from a 33 percent loss in 2008, the worst performance for the securities since at least 1988, according to Merrill Lynch & Co.’s All Convertibles index. Ford is taking advantage of the improving market for convertibles to reduce debt, said Bill Feingold, co-founder of Hillside Advisors LLC, which advises clients on investing in the securities. The company will pay the same conversion premium on the notes as in its last offering of similar debt almost three years ago, according to data compiled by Bloomberg. “If you can raise money now in almost identical terms to what you raised three years ago, you should probably be doing it,” Feingold, who is based in Valhalla, New York, said yesterday in a telephone interview. “They’re raising money when they can, not when they have to, and to me that’s a sign of a well-run company.” Ford will pay a 4.25 percent coupon on the senior notes due in 2016, the Dearborn, Michigan-based automaker said in a statement posted on its Web site. The notes, which cannot be called for the first five years, may be converted to common stock or cash at maturity. The conversion premium is 25 percent higher than the closing price of Ford shares yesterday. Bigger Greenshoe The automaker initially planned to sell $2 billion of convertible notes. The total offering size may reach $2.875 billion if underwriters exercise a so-called over-allotment option, or greenshoe, according to the statement. Ford said the greenshoe was increased to $375 million from $300 million. “This was a successful transaction and the results exceeded our expectations,” Lewis Booth, Ford’s executive vice president and chief financial officer, said in the statement. In the December 2006 offering, Ford issued $4.5 billion of 4.25 percent bonds with a 25 percent conversion premium, Bloomberg data show. The notes, which mature in 2036 and can be called in 2016, rallied to 103.25 cents on the dollar as of yesterday from 26 cents on Jan. 2, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. Positive Cash Flow Ford, which lost $30 billion from 2006 through 2008, said Nov. 2 it had positive cash flow of $1.3 billion in the third quarter, its first positive cash-flow quarter since 2007. The third quarter’s $1.1 billion pre-tax profit was the first since the initial quarter of 2008, Ford said. Ford shares fell 14 cents, or 1.85 percent, to $7.44 yesterday in New York Stock Exchange composite trading. They closed last year at $2.29. The automaker will also offer as much as $1 billion in common shares through broker-dealers in December. When a company raises equity through a convertible, “people tend to focus on the dilution it causes,” Feingold said. “This is going to give the company, however, much more time, if you want to bet on the upside, before they have to go back and figure out where some more money’s going to come from.” Ford arranged $23.4 billion of debt in late 2006, including a five-year, $11.5 billion bank line, giving it more cash than rivals General Motors Co. or Chrysler Group LLC. To obtain the financing, Ford had to put up all major assets including its blue oval logo as collateral. Credit Line Ford said this week it’s raising as much as $3.3 billion, while paying down a portion of a $10.7 billion line of credit to strengthen its balance sheet. The company is seeking to repay 25 percent of the revolver and push out the maturity of the remaining $8 billion liability by two years to 2013. http://www.bloomberg.com/apps/news?p...d=aLUHQDKe3vC0 |
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#23 | |||
I ♥ EDM
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#24 | |||
Barra Turbo > V8
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#25 | |||
IWCMOGTVM Club Supporter
Join Date: Sep 2005
Location: Northern Suburbs Melbourne
Posts: 17,798
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http://www.freep.com/article/2009110...-bright-future
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#26 | ||||
Compulsive Hobbiest
Join Date: May 2006
Location: Ohio, USA
Posts: 1,032
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From the above article....
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Just to show you how Ford would like to have it both ways, here is an article from March of this year, right after the UAW approved the latest round of concessions... http://www.egmcartech.com/2009/03/30...-the-downturn/ Quote:
Now, in yesterday's article, they want to say the agreement is not competitive, even after winning "...all the concession it needs...," which Alan Mulally stated himself. These are the kinds of things in the press that workers have to struggle with. I will have this latest quote, that Ford has an umcompetitive agreement to work under, thrown at me by a number of people. How soon Ford has forgot, even while it makes money in this economy. I don't "want more" right now, I just don't want to have less. We already agreed to everything it takes. Steve
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#27 | ||
Blue blooded
Join Date: May 2008
Location: Geelong, Vic
Posts: 1,638
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And just yesterday, in the finance section of the newspaper (Geelong Advertiser) there was a massive article, with a POSITIVE title about the exact same news. Can only hope it was the same in others around the country.
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#28 | ||
B1 - J & D Services
![]() Join Date: Aug 2005
Location: Brim, Victoria
Posts: 1,632
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The financial reports are fairly clear...
Cash is at about $20 billion Debt is at about $27 billlion Total debt to be payed in the next year - less than $2 billion...
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Mr. Brett Johnstone. ![]() 2002 Ford Laser 2000 Ford Falcon Wagon Egas 1999 Subaru Imprezza Sportwagon 1998 Holden Suburban 2500 1995 Land Rover Discovery TDI 1994 XG XR6 Longreach 1983 Holden Rodeo 1975 Datsun 120Y wagon 1970 MG Midget 1967 Rover 2000TC Soon: Model T. |
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#29 | ||
FF.Com.Au Hardcore
Join Date: Feb 2005
Location: Melb north
Posts: 12,025
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27 billion is still a lot of moola to pay back.
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#30 | |||
FF.Com.Au Hardcore
Join Date: Mar 2005
Location: Newcastle
Posts: 3,246
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Quote:
I'd like to be paying off my mortgage at an eqivalent rate and be free in 6yrs 9mths! As interest costs come down with reduced principle, the payoff and profits get bigger and faster still. This does all hang on the economy remaining at least as good as it is, and hopefully improving!
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BA2 XR8 Rapid M6 Ute - Lid - Tint -18s 226.8rwkW@178kmh/537Nm@140kmh 1/9/2013 14.2@163kmh 23/10/2013 Boss349 built. Not yet run. Waiting on a shell. Retrotech thread http://www.fordforums.com.au/showthr...1363569&page=6 |
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