Ford drives down a hard road
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Manufacturing News, Source : TheManufacturer.com
Published : 20 Apr 2005 14:12
Big Three automaker Ford today reported income of $1.21 billion for the first quarter of 2005, down 38.5 percent from $1.95 billion in the first quarter of last year, reflecting a sales drop in the Americas, and despite growth in Europe.
Worldwide automotive profits in the first quarter felt the pinch at $579 million, down by a staggering $1.25 billion from the same period a year ago, and unit sales were distinctly down: Ford sold 1,716,000 cars worldwide, down from 1,788,000 at this time last year.
The Americas were hit hardest by the downturn, but Europe has prospered, due in part to higher volumes and ongoing cost reductions. The company’s profit in the Americas was $740 million, down a significant $1.24 billion from last year at this time. Ford Europe’s profit was $59 million, an increase of $54 million.
Ford's total sales and revenue, however, were helped by Europe, as they rose to $45.1 billion from $44.7 billion last year.
“The plan that we launched in 2002 has led to profits and positive cash flow,” said Bill Ford, the company’s chairman and chief executive officer. “Going forward, we will continue to focus on improving our quality, lowering our costs, and delivering exciting new products, as well as taking actions that strengthen our finances, optimize our global footprint and lead to the faster development of new products.”
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