Ford_News
01-28-2011, 08:45 AM
Filed under: Ford (http://www.autoblog.com/category/ford/), Earnings/Financials (http://www.autoblog.com/category/earnings-financials/)
http://www.blogcdn.com/www.autoblog.com/media/2011/01/ford-logo-on-building-opt.jpg
Ford (http://www.autoblog.com/make/ford) announced this morning that the company earned net income of $190 million in the fourth quarter of last year, which is actually down sharply from the $886 million earned in the same quarter a year ago. The reason for the dip, however, is a good one, as Ford took on $960 million in debt reduction charges during the quarter, which ultimately reduced the company's debt by $1.9 billion.
It's a different story for last year as a whole, as Ford is reporting a $6.6 billion, that's with a 'b', profit for all of 2010 - Ford's best fiscal performance in over a decade. This means the Blue Oval has $20.5 billion in gross cash on hand, while it's debt has been reduced to $19.1 billion. Over the course of last year, Ford reduced its debt by a total of $14.5 billion or 43 percent, all of which was taken on before the financial crisis and used to weather the storm of uncertainty.
Ford's full-time work force will also be happy to hear that the company's financial performance last year means healthy profit sharing in the form of approximately $5,000 for each employee. Ford also announced that it's raising its first-quarter production plan in North America by 15,000 units to 650,000, which means even more job security for those on the assembly room floor.
[Source: Ford, Automotive News (http://www.autonews.com/apps/pbcs.dll/article?AID=/20110128/OEM01/110129842/1424) - sub. req.]Continue reading Ford earned $190M in Q4, $6.6B in 2010 (http://www.autoblog.com/2011/01/28/ford-earned-190m-in-q4-6-6b-in-2010/)
Ford earned $190M in Q4, $6.6B in 2010 (http://www.autoblog.com/2011/01/28/ford-earned-190m-in-q4-6-6b-in-2010/) originally appeared on Autoblog (http://www.autoblog.com) on Fri, 28 Jan 2011 10:27:00 EST. Please see our terms for use of feeds (http://www.weblogsinc.com/feed-terms/).
Permalink (http://www.autoblog.com/2011/01/28/ford-earned-190m-in-q4-6-6b-in-2010/) | Email this (http://www.autoblog.com/forward/19819416/) | Comments (http://www.autoblog.com/2011/01/28/ford-earned-190m-in-q4-6-6b-in-2010/#comments)
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http://www.blogcdn.com/www.autoblog.com/media/2011/01/ford-logo-on-building-opt.jpg
Ford (http://www.autoblog.com/make/ford) announced this morning that the company earned net income of $190 million in the fourth quarter of last year, which is actually down sharply from the $886 million earned in the same quarter a year ago. The reason for the dip, however, is a good one, as Ford took on $960 million in debt reduction charges during the quarter, which ultimately reduced the company's debt by $1.9 billion.
It's a different story for last year as a whole, as Ford is reporting a $6.6 billion, that's with a 'b', profit for all of 2010 - Ford's best fiscal performance in over a decade. This means the Blue Oval has $20.5 billion in gross cash on hand, while it's debt has been reduced to $19.1 billion. Over the course of last year, Ford reduced its debt by a total of $14.5 billion or 43 percent, all of which was taken on before the financial crisis and used to weather the storm of uncertainty.
Ford's full-time work force will also be happy to hear that the company's financial performance last year means healthy profit sharing in the form of approximately $5,000 for each employee. Ford also announced that it's raising its first-quarter production plan in North America by 15,000 units to 650,000, which means even more job security for those on the assembly room floor.
[Source: Ford, Automotive News (http://www.autonews.com/apps/pbcs.dll/article?AID=/20110128/OEM01/110129842/1424) - sub. req.]Continue reading Ford earned $190M in Q4, $6.6B in 2010 (http://www.autoblog.com/2011/01/28/ford-earned-190m-in-q4-6-6b-in-2010/)
Ford earned $190M in Q4, $6.6B in 2010 (http://www.autoblog.com/2011/01/28/ford-earned-190m-in-q4-6-6b-in-2010/) originally appeared on Autoblog (http://www.autoblog.com) on Fri, 28 Jan 2011 10:27:00 EST. Please see our terms for use of feeds (http://www.weblogsinc.com/feed-terms/).
Permalink (http://www.autoblog.com/2011/01/28/ford-earned-190m-in-q4-6-6b-in-2010/) | Email this (http://www.autoblog.com/forward/19819416/) | Comments (http://www.autoblog.com/2011/01/28/ford-earned-190m-in-q4-6-6b-in-2010/#comments)
More... (http://www.autoblog.com/2011/01/28/ford-earned-190m-in-q4-6-6b-in-2010/)