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Ford generates $7.4 billion profit for 2015 after strong Q4
A quarterly record for N.A.; Europe back in black
The drop in oil prices, low interest rates and a growing housing market are expected to continue driving U.S. pickup demand and padding Ford's profits.
Photo credit: BLOOMBERG
January 28, 2016 - 7:15 am ET -- UPDATED: 1/28/16 7:58 am ET - adds details
DETROIT -- Ford Motor Co. today said its net income quintupled in 2015 to $7.4 billion, including $1.9 billion in the fourth quarter, as sales of its high-margin pickups and SUVs surged in a record year for the U.S. auto industry.
The company earned a fourth-quarter record of $2 billion in North America and its first full-year profit in Europe since 2011. UAW workers will get their largest profit-sharing bonuses ever, averaging $9,300.
Before taxes, Ford earned a profit of $10.8 billion, a company record. It reaffirmed its expectation to match or beat that result this year.
“We promised a breakthrough year in 2015, and we delivered,” Ford CEO Mark Fields said in a statement. “In 2016, we will continue to build on our strengths and accelerate our pace of progress even further, while transforming Ford into both an auto and a mobility company and creating value for all of our stakeholders.”
Revenue increased 3.8 percent to $149.6 billion. Automotive operating margins grew 2.2 percentage points to 6.8 percent, which it said is the highest since at least 2001. Ford said margins were the highest since at least the 1990s.
“Every single financial metric improved on a year-over-year basis,” Ford CFO Bob Shanks told reporters at Ford’s headquarters this morning.
Ford’s fourth-quarter net income swung from a loss of $2.5 billion a year ago, after a restatement related to pension accounting, to a profit of $1.9 billion. Its operating profit for the quarter, excluding special items, was $2.3 billion, equal to 58 cents a share. That compares with Wall Street expectations of 51 cents.
Automotive operating cash flow for the year more than doubled to $7.3 billion. Ford said cash flow in 2016 will be strong but less than in 2015.
Fourth-quarter revenue rose 12 percent to $40.3 billion.
A quarterly record for N.A.; Europe back in black
The drop in oil prices, low interest rates and a growing housing market are expected to continue driving U.S. pickup demand and padding Ford's profits.
Photo credit: BLOOMBERG
January 28, 2016 - 7:15 am ET -- UPDATED: 1/28/16 7:58 am ET - adds details
DETROIT -- Ford Motor Co. today said its net income quintupled in 2015 to $7.4 billion, including $1.9 billion in the fourth quarter, as sales of its high-margin pickups and SUVs surged in a record year for the U.S. auto industry.
The company earned a fourth-quarter record of $2 billion in North America and its first full-year profit in Europe since 2011. UAW workers will get their largest profit-sharing bonuses ever, averaging $9,300.
Before taxes, Ford earned a profit of $10.8 billion, a company record. It reaffirmed its expectation to match or beat that result this year.
“We promised a breakthrough year in 2015, and we delivered,” Ford CEO Mark Fields said in a statement. “In 2016, we will continue to build on our strengths and accelerate our pace of progress even further, while transforming Ford into both an auto and a mobility company and creating value for all of our stakeholders.”
Revenue increased 3.8 percent to $149.6 billion. Automotive operating margins grew 2.2 percentage points to 6.8 percent, which it said is the highest since at least 2001. Ford said margins were the highest since at least the 1990s.
“Every single financial metric improved on a year-over-year basis,” Ford CFO Bob Shanks told reporters at Ford’s headquarters this morning.
Ford’s fourth-quarter net income swung from a loss of $2.5 billion a year ago, after a restatement related to pension accounting, to a profit of $1.9 billion. Its operating profit for the quarter, excluding special items, was $2.3 billion, equal to 58 cents a share. That compares with Wall Street expectations of 51 cents.
Automotive operating cash flow for the year more than doubled to $7.3 billion. Ford said cash flow in 2016 will be strong but less than in 2015.
Fourth-quarter revenue rose 12 percent to $40.3 billion.
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