Wayne Gerdes - CleanMPG - Jan. 29, 2015
2015 Ford F-150 XL regular cab shortbed with the optional 2.7L EcoBoost I4 engine - $27,410 incl. D&H to start and offers owners an excellent 19/26/22 mpgUS city/highway/combined rating.
Earlier this month Ford kicked off the most extensive truck marketing campaign in its history in order to promote the all-new 2015 F-150. The adverts are being seen on everything from college and professional football to professional bull riding and country music. Given its massive profits to the company’s bottom line, it is money being well spent.
Ford 4Q and Full 2014 Year Results
Ford this morning reported its 4Q and Full 2014 results. In the fourth quarter, Ford’s North American pre-tax profit of $1.1 billion, down $252 million compared with the 4Q of 2013.
Fourth quarter net income equated to $52 million, a decrease of $3 billion compared with a year ago due in part to a one-time 4Q charge of $2.1 billion consisting of $800 million for an accounting change in Venezuela and the ongoing wind down of plant closures in Europe.
Fourth quarter wholesale volume and company revenue declined year-over-year by 2 percent and 5 percent respectively. U.S. 4Q market share was 14.3 percent, down 1.1 percentage points from a year ago. This loss was explained with lower F-150 sales volumes as the all-new F-150 was being prepped for sale.
Company Executives stated the introduction of the latest version of Ford's F-150 pickup truck was going "extremely well" with sales of the F-Series possibly being the best January since 2004.
Full year 2014 pre-tax profit was $6.3 billion, a decline of $2.3 billion compared with a year ago. Net income of $3.2 billion was $4 billion lower than a year ago,
Global wholesale volume was approximately equal to 2013, while revenue was down 2 percent.
Specific top North America, Ford’s operating margin was 7.4 percent, down 0.8 percentage points from last year.
The company’s worldwide pension plans were underfunded by $9 billion at the end of 2014, unchanged from the end of 2013 despite significantly lower discount rates.
South America - South America reported a pre-tax loss of $187 million in the fourth quarter, a decline of $61 million from the prior year. Ford stated higher warranty costs were the cause.
In the 4Q, wholesale volume and revenue decreased by 2 percent and 9 percent, respectively as the regions SAAR of 5.3 million vehicles, down from last year’s 6.1 million.
South America’s fourth quarter market share, at 9.4 percent, was up 0.9 percentage points from a year ago. Operating margin was negative 7.6 percent, down 2.9 percentage points.
For the full year, the company lost $426 million.
Europe - Reported a fourth quarter pre-tax loss of $443 million, an $86 million improvement from a year ago.
In the 4Q, wholesale volume improved 5 percent while revenue declined 2 percent.
Ford’s Europe 20 market share, at 7.6 percent, was up 0.2 percentage points from a year ago.
Middle East & Africa - Ford reported a loss of $82 million for the 4Q, $22 million improvement than a year ago. Operating margin was negative 8.2 percent, a 2 percentage point improvement from last year. The improvement is more than explained by higher net pricing and favorable mix.
Wholesale volume and revenue also declined from a year ago by 10 percent and 2 percent, respectively.
Full year wholesale volume and revenue declined compared with a year ago and operating margin and profit improved.
Asia Pacific incl. China - Ford continues to invest in Asia with new plants. The Asia Pacific region was responsible for a 4Q pre-tax profit of $95 million, a decrease of $14 million from a year ago.
Wholesale volume was up 2 percent from a year ago, and net revenue, declined 9 percent. Wholesale volume in China increased 5 percent from a year ago.
Market share in the quarter stood at 3.5 percent, down 0.1 percentage points from a year ago. Market share in China also fell 0.1 percent, to 4.3 percent.
Fourth quarter operating margin for Asia Pacific was 3.6 percent, 0.2 percentage points lower than a year ago.
2014, Ford’s China joint ventures contributed $1.3 billion in pre-tax profit, reflecting Ford’s equity share of earnings after tax.
Ford’s global full year sales of 6,321 million was down 33,000 vehicles from 2013. This compares to Toyotas, VWs and GMs 2014 Global Sales results of 10.23 million, 10.14 million and 9.92 million vehicles respectively.
Ford’s early afternoon trading is up about a quarter to $14.72.
Ford Stock Price Action - 1-Year through 01-29-2015
Fords 4Q and Full Year Results are Profitable despite Challenges
Aucun commentaire:
Enregistrer un commentaire