Ford Motor Co (F) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

Earnings Press Release
10-K Annual Report
10-K YoY Changes
Ford Motor Co
Ticker: F CIK: 37996



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Ford Posts Highest Fourth Quarter Pre-Tax Profit in More Than a Decade; Full Year Pre-Tax Profit of $8 Billion and Net Income of $5.7 Billion⁺


•	Strong full year pre-tax profit was $8 billion, or $1.41 per share, a decrease of $797 million from a year ago


•	Full year net income was $5.7 billion, or $1.42 per share; excluding impact of 2011 changes in valuation allowance against deferred tax assets, full year 2012 net income was $307 million lower than 2011


•	Positive Automotive operating-related cash flow was $3.4 billion for the full year and $1 billion for the fourth quarter — the 11^th consecutive quarter of positive performance. Ford ended 2012 with Automotive gross cash of $24.3 billion, exceeding debt by $10 billion, and a strong liquidity position of $34.5 billion, an increase of $2.1 billion over 2011


•	Ford had its highest fourth quarter pre-tax profit in more than a decade — when trucks and SUVs were a more significant portion of the U.S. product mix — at $1.7 billion, or $0.31 per share, an increase of $577 million from fourth quarter 2011. Ford has now posted a pre-tax operating profit for 14 consecutive quarters


•	Total company fourth quarter net income was $1.6 billion, or $0.40 per share; excluding impact of 2011 changes in valuation allowance against deferred tax assets, fourth quarter net income was $565 million higher than 2011


•	Total Automotive full-year pre-tax profit of $6.3 billion was driven by Ford North America results, which set fourth quarter and full year records for pre-tax profit and operating margin since Ford began reflecting the region as a separate business unit in 2000. For the full year, Ford North America's pre-tax profit was $8.3 billion with an operating margin of 10.4 percent


•	Ford Credit reported continued solid performance with a full year pre-tax profit of $1.7 billion


•	For 2013 outlook, Ford expects another strong year, with Total Company operating profit to be about equal to 2012, Automotive operating margin to be about equal to or lower than 2012, and Automotive operating-related cash flow to be higher than 2012



Financial Results Summary +	Fourth Quarter									Full Year
	2011			2012			B/(W) 2011			2011			2012			B/(W) 2011
Wholesales (000)	1,427			1,534			107			5,695			5,668			(27)
Revenue (Bils.)	$	34.6		$	36.5		$	1.9		$	136.3		$	134.3		$	(2.0	)
Operating Results
Pre-tax results (Mils.)++	$	1,104		$	1,681		$	577		$	8,763		$	7,966		$	(797	)
After-tax results (Mils.)+++	797			1,241			444			6,119			5,596			(523		)
Earnings per share+++	0.20			0.31			0.11			1.51			1.41			(0.10		)
Special items pre-tax (Mils.)	$	349		$	160		$	(189	)	$	(82	)	$	(246	)	$	(164	)
Net income attributable to Ford -- excl. 2011 changes in val. allow. against deferred tax assets
After-tax results (Mils.)	$	1,033		$	1,598		$	565		$	5,972		$	5,665		$	(307	)
Net income attributable to Ford
After-tax results (Mils.)	$	13,615		$	1,598		$	(12,017	)	$	20,213		$	5,665		$	(14,548	)
Earnings per share	3.40			0.40			(3.00		)	4.94			1.42			(3.52		)
Automotive
Operating-related cash flow (Bils.)	$	0.7		$	1.0		$	0.3		$	5.6		$	3.4		$	(2.2	)
Gross cash (Bils.)	$	22.9		$	24.3		$	1.4		$	22.9		$	24.3		$	1.4
Debt (Bils.)	(13.1		)	(14.3		)	(1.2		)	(13.1		)	(14.3		)	(1.2		)
Net cash (Bils.)	$	9.8		$	10.0		$	0.2		$	9.8		$	10.0		$	0.2

See end notes on page 7.

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The following information was filed by Ford Motor Co (F) on Tuesday, January 29, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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