Summary
Ford Motor Company reported strong first-quarter 2013 results, with net income attributable to Ford increasing to $1,611 million, or $0.40 per diluted share, from $1,396 million, or $0.35 per diluted share, in the prior year's first quarter. This growth was driven by a 10% increase in total revenues to $35.8 billion, primarily from the Automotive sector, which saw revenues rise to $33.9 billion. The company benefited from higher volume and improved net pricing, particularly in North America, which saw a significant increase in wholesales and revenue. Despite overall positive performance, the Automotive sector's pre-tax profit saw a slight decrease compared to the prior year, mainly due to increased costs and unfavorable exchange rates, particularly in South America. However, the Financial Services sector, primarily Ford Credit, demonstrated a solid performance with an increase in pre-tax profit driven by higher receivables and favorable residual performance. The company maintained a healthy liquidity position, with significant cash and marketable securities, and took steps to strengthen its balance sheet, including managing its debt levels and pension obligations.
Financial Highlights
33 data points| Revenue | $35.65B |
| Cost of Revenue | $30.00B |
| Gross Profit | $5.64B |
| SG&A Expenses | $3.12B |
| Operating Expenses | $33.88B |
| Net Income | $1.61B |
| EPS (Basic) | $0.41 |
| EPS (Diluted) | $0.40 |
| Shares Outstanding (Basic) | 3.92B |
| Shares Outstanding (Diluted) | 4.07B |
Key Highlights
- 1Net income attributable to Ford increased to $1,611 million ($0.40/share) in Q1 2013, up from $1,396 million ($0.35/share) in Q1 2012.
- 2Total revenues grew by 10% to $35.8 billion, driven by a 10% increase in Automotive revenues to $33.9 billion.
- 3Ford North America showed strong performance with a 17% increase in wholesales and a 20% increase in revenue, contributing significantly to overall profitability.
- 4The Financial Services sector, mainly Ford Credit, reported an increase in pre-tax profit due to higher receivables and favorable residual performance.
- 5Automotive sector pre-tax results saw a slight decrease year-over-year, primarily due to higher costs and unfavorable exchange rates, particularly impacting Ford Europe and Ford South America.
- 6The company maintained a strong liquidity position, with Automotive gross cash totaling $24.2 billion and Automotive liquidity at $34.5 billion at the end of the quarter.
- 7Ford is actively managing its debt levels, aiming for Automotive debt levels around $10 billion by mid-decade, and is making significant pension contributions.