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Old 04-16-2003, 05:27   #1 (permalink)
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Ford Beats 1st Quarter Estimates With Net Profit Of $896 Million

Ford Motor Company [NYSE: F] today reported net income of $896 million, or 45 cents a share, for the first quarter of 2003.

This compares with a net loss of $1.1 billion, or 61 cents a share, in the first quarter of 2002. The loss from continuing operations in the first quarter of 2002 was $80 million, or 5 cents a share.

Ford Motor Company's income before taxes was $1.3 billion during the first quarter of 2003, compared with a $27 million loss in the first quarter of 2002.

Ford's first quarter revenue rose to $40.9 billion, from $39.5 billion during last year's first quarter. Worldwide vehicle unit sales in the 2003 first quarter were 1,726,000, up 3 percent from 1,675,000 a year ago.

"Our first quarter performance demonstrates that the acceleration of our cost-cutting actions and the management team's focus on improving our core business are making a difference," said Bill Ford, chairman and CEO. "Our overall financial results continue to improve, our first quarter U.S. market share is up from last year, and we are gaining momentum on most other fronts. In addition, we launched the new Jaguar XJ and are in the process of launching several other exciting new products, such as the all-new Ford Focus C-MAX in Europe and the highly anticipated Ford F-150 pickup truck in the U.S."

During the first quarter, Ford's corporate U.S. market share was 21.2 percent. Ford's corporate U.S. market share has improved since the first quarter of 2002, when it was 20.7 percent.

New Segment Reporting
As disclosed in the company's 2002 10-K report, beginning with the 2003 first quarter, Ford is expanding the number of operating segments by reporting two segments within its Automotive sector - North America and International.

The North America Automotive segment includes the sale of Ford, Lincoln and Mercury cars and trucks in the U.S., Canada and Mexico, and the associated costs to design, develop, manufacture and service these vehicles. The International Automotive segment includes the sale of Ford brand vehicles outside of North America and the sale of Premier Automotive Group brand vehicles (i.e., Aston Martin, Jaguar, Land Rover and Volvo) throughout the world (including North America), together with the associated costs to design, develop, manufacture and service these vehicles. Ford is providing separate results for the business units within the International Automotive segment (i.e., Ford-brand Europe, Ford-brand South America, Ford-brand Asia Pacific and the Premier Automotive Group).

Previously, the company reported Automotive financial results on a geographic/legal entity basis. The new segment reporting will be on a business-unit basis consistent with the way these two segments are managed. Costs for each segment and business unit within each segment will reflect absolute corporate costs, eliminating the effect of transfer prices for vehicles, components and product development that were previously reflected in geographic results. Net interest expense and results of other non-core Automotive businesses will be reported centrally; these were previously included in geographic results.

These changes are being made to reflect organizational changes resulting from the appointment of executive vice presidents to lead North American and International Automotive Operations.

AUTOMOTIVE SECTOR
On a pre-tax basis, Ford's automotive sector earned $659 million during the first quarter of 2003, compared with a loss of $370 million a year ago.

Worldwide automotive revenue improved by $2 billion from $32.2 billion during the first quarter of 2002 to $34.2 billion in the first quarter of 2003.

Automotive cash, marketable securities and Voluntary Employee Beneficiary Association (VEBA) assets at March 31 rose to $26.6 billion, up from $25.3 billion at the end of 2002, more than accounted for by positive operating cash flow and the effect of tax refunds.

NORTH AMERICA AUTOMOTIVE
North America Automotive earned $1.2 billion on a pre-tax basis, compared with a pre-tax profit of $465 million in the first quarter of 2002. The improvement reflected strong cost performance, favorable mix and higher market share, offset partially by lower industry volume.

North America Automotive revenue in the first quarter of 2003 rose to $22.2 billion, compared with $21.5 billion in the first quarter of 2002.

INTERNATIONAL AUTOMOTIVE
The 2003 first-quarter pre-tax loss for International Automotive narrowed to $353 million, from a loss of $469 million during the first quarter of 2002.

First-quarter 2003 revenue for International Automotive increased to $12.0 billion, compared with $10.4 billion during the first quarter last year.

Ford-brand Europe: Ford-brand Europe incurred a pre-tax loss of $249 million in the first quarter of 2003, compared with a pre-tax loss of $268 million during the same period a year ago. The improvement is explained by better cost performance, offset largely by lower net pricing. Ford-brand Europe's revenue in the first quarter rose to $5.0 billion, compared with $4.1 billion during the first quarter of 2002.

Ford-brand South America: The pre-tax loss for Ford-brand South America narrowed to $31 million during the first quarter, from a loss of $85 million during the first quarter a year ago. The improvement reflected higher market share, continued cost reductions and higher net pricing, partially offset by lower industry volume. Revenue in South America was $330 million in the first quarter, compared with $396 million in the first quarter of 2002. The impact of a weaker Brazilian Real more than offset improved unit volume, resulting in the decline in revenue.

Ford-brand Asia-Pacific: During the first quarter of 2003, Ford-brand Asia-Pacific incurred a pre-tax loss of $26 million, compared with a loss of $39 million in the 2002 first quarter. The improvement reflected higher volume from the introduction of new products, primarily the all-new Falcon in Australia. Revenue improved to $1.3 billion, compared with $1.0 billion during the first quarter of 2002.

Premier Automotive Group (PAG): PAG reported a pre-tax loss of $88 million in the first quarter of 2003, compared with a pre-tax loss of $70 million during the first quarter of 2002. The decline primarily reflected lower net pricing, as well as lower volume associated with the production ramp-up of the all-new Jaguar XJ, largely offset by improved mix resulting from the all-new XC90 at Volvo and Range Rover at Land Rover. First-quarter revenue for PAG rose to $5.4 billion, from $4.9 billion a year ago.

FORD CREDIT
Ford Motor Credit Company reported net income of $442 million in the first quarter of 2003, up $186 million from earnings of $256 million in the same period a year ago. The increase primarily reflected a lower provision for credit losses and the net favorable impact of receivables sales, offset partially by the unfavorable impact of a lower level of managed receivables.

On a pre-tax basis, Ford Credit earned $727 million in the first quarter, compared with $396 million in the first quarter of 2002.

HERTZ
Hertz reported a pre-tax loss of $59 million in the first quarter, the same as the pre-tax loss a year ago.

OUTLOOK
"The U.S. economy is certainly continuing to feel the effects of the geopolitical uncertainty we have faced over the last several months," said Allan Gilmour, vice chairman and chief financial officer. "Despite consumer confidence being down so significantly, Ford Motor Company has earned a profit in the automotive sector, improved revenue, accelerated cost reductions and generated positive operating cash flow, showing that we are staying clearly focused on our goals. Our task is to continue to deliver on our objectives throughout the remainder of 2003 and beyond."

Ford expects to earn about 10 cents a share in the second quarter of 2003, which would result in first-half 2003 earnings of about 55 cents a share.

Investors and media can hear a review of first quarter results by Allan Gilmour, vice chairman and chief financial officer, via conference call at 703-871-3025 or on the Internet at http://www.shareholder.ford.com. Supporting presentation material will be available at the same Internet address. The presentation will begin at 8:30 a.m. EDT, April 16. The company will also conduct a conference call at 1:00 p.m. EDT, April 16, with Don Leclair, vice president and controller to address additional questions about the company's segment reporting changes. The call can be accessed by dialing 703-871-3025. A listen-only web cast will also be available on the Internet at www.shareholder.ford.com.

Ford Motor Company, headquartered in Dearborn, Michigan, is the world's second largest automaker, with approximately 335,000 employees in 200 markets on six continents. Its automotive brands include Aston Martin, Ford, Jaguar, Land Rover, Lincoln, Mazda, Mercury and Volvo. Its automotive-related services include Ford Credit, Quality Care and Hertz. Ford Motor Company will observe its 100th anniversary on June 16, 2003.
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Old 04-16-2003, 05:31   #2 (permalink)
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NOTE:

Statements included or incorporated by reference herein may constitute "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including, without limitation:

greater price competition in the U.S. and Europe resulting from currency fluctuations, industry overcapacity or other factors;
a significant decline in industry sales, particularly in the U.S. or Europe, resulting from slowing economic growth, geo-political events or other factors;
lower-than-anticipated market acceptance of new or existing products;
work stoppages at key Ford or supplier facilities or other interruptions of supplies;
the discovery of defects in vehicles resulting in delays in new model launches, recall campaigns or increased warranty costs;
increased safety, emissions, fuel economy or other regulation resulting in higher costs and/or sales restrictions;
unusual or significant litigation or governmental investigations arising out of alleged defects in our products or otherwise;
worse-than-assumed economic and demographic experience for our post-retirement benefit plans (e.g., investment returns, interest rates, health care cost trends, benefit improvements);
currency or commodity price fluctuations;
a market shift from truck sales in the U.S.;
economic difficulties in South America or Asia;
reduced availability of or higher prices for fuel;
labor or other constraints on our ability to restructure our business;
a change in our requirements under long-term supply arrangements under which we are obligated to purchase minimum quantities or pay minimum amounts;
a further credit rating downgrade;
inability to access debt or securitization markets around the world at competitive rates or in sufficient amounts;
higher-than-expected credit losses;
lower-than-anticipated residual values for leased vehicles;
increased price competition in the rental car industry and/or a general decline in business or leisure travel due to terrorist attacks, act of war or measures taken by governments in response thereto that negatively affect the travel industry; and
our inability to implement the Revitalization Plan.
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Old 04-16-2003, 05:35   #3 (permalink)
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FORD CREDIT EARNS $442 MILLION IN FIRST QUARTER

Ford Motor Credit Company reported earnings of $442 million in the first quarter of 2003, up $186 million from earnings of $256 million in the same period a year ago. The increase in earnings primarily reflects a lower provision for credit losses and the net favorable impact of receivable sales, offset partially by a lower amount of managed receivables.


Compared with the fourth quarter of 2002, earnings were up $88 million, largely reflecting a lower provision for credit losses, offset partially by the net unfavorable impact of receivable sales.


"While we continue to face challenges, we are making progress on each of our initiatives," said Greg Smith, Chairman and CEO of Ford Motor Credit Company. "In the quarter we completed the sale of Axus, our all-makes leasing business, achieved a large portion of this year's funding requirements, and continued our focus on the basics of our business. We supported Ford and its dealers in marketplaces throughout the world, and we paid a substantial dividend to Ford."


On March 31, 2003, Ford Credit's owned receivables totaled $119 billion, down $18 billion compared with $137 billion on March 31, 2002. These reductions primarily reflect higher sales of receivables in securitizations and whole-loan sale transactions. Managed receivables, which include both owned receivables and receivables sold in securitizations, were $193 billion on March 31, 2003, compared with $203 billion on March 31, 2002, and $198 billion on December 31, 2002. In the first quarter, Ford Credit sold $2 billion of receivables through a whole-loan sale transaction.


Ford Credit paid a dividend of $1 billion to Ford Motor Company in March. While maintaining managed leverage at 12.8 to 1, this dividend was supported by first quarter net income, a lower amount of managed receivables, and the sale of Axus.


Ford Credit is a wholly owned subsidiary of Ford Motor Company and is the worlds largest automotive finance company. Now in its 44th year, Ford Credit provides vehicle financing in 36 countries to more than 11 million customers and more than 12,500 automotive dealers. More information can be found at www.fordcredit.com and at Ford Credit's investor center, www.fordcredit.com/investorcenter/.
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Old 04-16-2003, 08:08   #4 (permalink)
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Ford Q1 net profit jumps 181% to exceed analysts' estimates
Source: Just-auto.com

Ford Motor Company on Wednesday reported net income of $US896 million, or 45 cents a share, for the first quarter (Q1) of 2003, up 181% on Q1 2002s net loss of $1.1 billion, or 61 cents a share.

The First Call analysts' consensus estimate was 22 cents a share for the first quarter.

Ford's financial results reported separate figures for the Premier Automotive Group (PAG) for the first time and showed a before tax loss of $88 million compared with a $70 million loss a year ago.

Ford Motor income before taxes was $1.3 billion during Q1 2003, compared with a $27 million loss in Q1 2002.

Q1 revenue was $40.9 billion, up slightly from $39.5 billion during last year's Q1. Worldwide vehicle unit sales in the 2003 Q1 were 1,726,000, up 3% from 1,675,000 a year ago.

"Our Q1 performance demonstrates that the acceleration of our cost-cutting actions and the management team's focus on improving our core business are making a difference," said chairman and CEO Bill Ford.

"Our overall financial results continue to improve, our Q1 U.S. market share is up from last year, and we are gaining momentum on most other fronts.

During Q1, Ford's corporate US market share was 21.2%, up slightly from Q1 2002s 20.7%.

Ford has recently changed the way it reports financial results and now separates out North American and international automotive operations.

The North America automotive segment includes Ford, Lincoln and Mercury in the US, Canada and Mexico, and the associated costs of design, development, manufacturing and servicing. The international automotive segment includes Ford vehicles outside North America and Premier Automotive Group model lines (Aston Martin, Jaguar, Land Rover and Volvo) throughout the world (including North America), together with associated costs.

Ford also now separates out results for the business units in the international automotive segment for Ford-brand Europe, Ford-brand South America, Ford-brand Asia Pacific as well as PAG.

These changes were made to reflect organisational changes resulting from the appointment of executive vice presidents to lead North American and international automotive operations.

AUTOMOTIVE SECTOR
Ford's automotive sector earned $659 million pre-tax during Q1 2003, compared with a loss of $370 million a year ago.

Worldwide automotive revenue improved by $2 billion from $32.2 billion during Q1 2002 to $34.2 billion in Q1 2003.

Automotive cash, marketable securities and Voluntary Employee Beneficiary Association (VEBA) assets at March 31 rose to $26.6 billion, up from $25.3 billion at the end of 2002.

NORTH AMERICAN AUTOMOTIVE
North America automotive earned $1.2 billion pre-tax compared with a pre-tax profit of $465 million in Q1 2002. The improvement reflected strong cost performance, favourable mix and higher market share, offset partially by lower industry volume. North America automotive revenue in Q1 2003 rose to $22.2 billion, compared with $21.5 billion in Q1 2002.

INTERNATIONAL AUTOMOTIVE
The 2003 Q1 pre-tax loss for international automotive narrowed to $353 million, from a loss of $469 million during Q1 2002. First-quarter 2003 revenue for international automotive increased to $12.0 billion, compared with $10.4 billion during Q1 last year.

EUROPE
Ford-brand Europe incurred a pre-tax loss of $249 million in Q1 2003, compared with a pre-tax loss of $268 million during the same period a year ago. The improvement is explained by better cost performance, offset largely by lower net pricing. Ford-brand Europe's revenue in the Q1 rose to $5.0 billion, compared with $4.1 billion during Q1 2002.

SOUTH AMERICA
The pre-tax loss for Ford-brand South America narrowed to $31 million during Q1, from a loss of $85 million during Q1 a year ago. The improvement reflected higher market share, continued cost reductions and higher net pricing, partially offset by lower industry volume.

Revenue in South America was $330 million in Q1, compared with $396 million in Q1 2002. The impact of a weaker Brazilian real more than offset improved unit volume, resulting in the decline in revenue.

ASIA-PACIFIC
During Q1 2003, Ford-brand Asia-Pacific incurred a pre-tax loss of $26 million, compared with a loss of $39 million in the 2002 Q1. The improvement reflected higher volume from the introduction of new products, primarily the all-new Falcon in Australia. Revenue improved to $1.3 billion, compared with $1.0 billion during Q1 2002.

PAG
Premier Automotive Group reported a pre-tax loss of $88 million in Q1 2003, compared with a pre-tax loss of $70 million during Q1 2002. The decline primarily reflected lower net pricing, as well as lower volume associated with the production ramp-up of the all-new Jaguar XJ, largely offset by improved mix resulting from the all-new XC90 at Volvo and Range Rover at Land Rover. First-quarter revenue for PAG rose to $5.4 billion, from $4.9 billion a year ago.

FORD CREDIT
Ford Motor Credit Company reported net income of $442 million in Q1 2003, up $186 million from earnings of $256 million in the same period a year ago. The increase primarily reflected a lower provision for credit losses and the net favourable impact of receivables sales, offset partially by the unfavourable impact of a lower level of managed receivables.

On a pre-tax basis, Ford Credit earned $727 million in Q1 2003, compared with $396 million in Q1 2002.

HERTZ
Hertz reported a pre-tax loss of $59 million in Q1 2003, the same as the pre-tax loss a year ago.

OUTLOOK
"The U.S. economy is certainly continuing to feel the effects of the geopolitical uncertainty we have faced over the last several months," said Ford vice chairman and chief financial officer Allan Gilmour.

"Despite consumer confidence being down so significantly, Ford Motor Company has earned a profit in the automotive sector, improved revenue, accelerated cost reductions and generated positive operating cash flow, showing that we are staying clearly focused on our goals. Our task is to continue to deliver on our objectives throughout the remainder of 2003 and beyond."

Ford expects to earn about 10 cents a share in Q2 2003, which would result in first-half 2003 earnings of about 55 cents a share.
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Old 04-16-2003, 09:08   #5 (permalink)
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Ford posts strong profit

Reuters / April 16, 2003

NEW YORK -- Ford Motor Co. said on Wednesday it earned $896 million in the first quarter, well above analysts' estimates, as cost cuts and better earnings from its finance arm helped offset lower sales.

While warning that the economic outlook was still uncertain, the world's second-largest automaker also stuck to its full-year earnings forecast of 70 cents a share, or about $1.2 billion.

By comparison, General Motors warned on Tuesday it might not meet its 2003 earnings target because of incentive costs and the wobbly U.S. economy.

Ford's earnings of 45 cents a share handily beat analysts' average forecast of 22 cents a share and the company's own estimate of 20 cents a share, according to Thomson First Call.

In the first quarter last year, Ford lost $1.1 billion, or 61 cents a share.

Some analysts had already assumed Ford would outperform its estimates after credit rating agency Standard & Poor's affirmed its stance on Ford last week, saying the automaker was on track with its cost-cutting and its goal of break-even pretax earnings in its automotive unit.

But the first quarter result was an upbeat surprise nonetheless.

David Healy of Burnham Securities said Ford's first quarter results were likely to erase some of the skepticism about the automaker's turnaround.

"I guess it will be a little bit easier for them to attain the 70 (cents)," he said. "I will probably be raising my numbers lightly on the basis of this."

CEO Bill Ford has sped up cost-cutting efforts to hit the targets he laid out in a turnaround plan, even as the U.S. market faltered in recent months. Ford said it cut $638 million in costs from its automotive business in the first quarter, more than its target of $500 million for all of 2003.

While Ford's vehicle sales were down slightly, its revenues rose 3.5 percent to $40.9 billion. Thanks to its system for managing incentive costs, Ford's net pricing in the United States rose 0.2 percent. GM, which has been more aggressive with incentives, saw its prices fall 3 percent.

Ford Credit, Ford's financing arm, earned $442 million in the first quarter, a 72 percent increase from the same period a year ago.

LOSSES IN LUXURY

For the first time, the company broke out pretax earnings within its automotive business, a change required in part by accounting rules. Ford's North American business -- its Ford, Lincoln and Mercury brands -- reported pretax earnings of $1.2 billion. Its international operations had a pretax loss of $353 million, led by a $249 million loss at Ford Europe and an $88 million loss at its Premier Automotive Group, its luxury arm that includes the Volvo, Jaguar, Land Rover and Aston Martin brands.

Ford also released historical data showing that the Premier Automotive Group lost $897 million last year, and made just $8 million in 2001. Ford has said it expects PAG to eventually contribute a significant share of its earnings.

The company stuck to its plans for a 17 percent cut in its North American vehicle production for the second quarter over the same period a year ago. Its U.S. inventories of unsold vehicles at the end of March were about 25 percent higher than a year ago on a selling-rate basis, and Ford has been forced to follow GM's lead with a new wave of interest-free loans this month.

Ford's forecast earnings of 10 cents a share for the second quarter, below analysts' consensus forecast of 13 cents a share. Wall Street's consensus for all of 2003 is 44 cents a share, as many analysts have called Ford's earnings targets too optimistic. By mid-decade, the turnaround plan calls for Ford to earn $7 billion a year before taxes.

Ford's stock plunged in mid-March to decade lows after the company released its second-quarter production estimate, and its bond yields have soared in recent months on worries of a credit rating downgrade.
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Old 04-16-2003, 12:15   #6 (permalink)
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First reporting: PAG loses $88 million in Q1

Reuters / April 16, 2003

Ford Motor Co.'s international operations had a pretax loss of $353 million, led by a $249 million loss at Ford Europe and an $88 million loss at its Premier Automotive Group, its luxury arm that includes the Volvo, Jaguar, Land Rover and Aston Martin brands.

It was the first time the company broke out pretax earnings within its automotive business, a change required in part by accounting rules. Ford's North American business -- its Ford, Lincoln and Mercury brands -- reported pretax earnings of $1.2 billion.

Ford also released historical data showing that the Premier Automotive Group lost $897 million last year, and made just $8 million in 2001. Ford has said it expects PAG to eventually contribute a significant share of its earnings.
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My first car was a 67 Mustang Coupe, 2nd one was a 67 Cougar XR-7, 3rd one was a 66 Mustang Coupe. Why did I get rid of these cars for ? I know why, because I'm stupid, stupid, stupid.

My next Ford.....
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