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Ford Motor Company | 2010 Annual Report 17
FORD CREDIT
Ford Motor Credit Company is a
strategic asset for Ford, providing
financial services to Ford dealers
and customers around the
world. Through responsible,
consistent, fair and transparent
practices, Ford Credit drives sales,
supports dealer success and
promotes customer satisfaction
and loyalty. Ford Credit profits
and distributions support Ford’s
business, including development
of new cars and trucks. Ford
Motor Credit Chairman and CEO
Mike Bannister is pictured above
with the 2011 Explorer.
Ford Motor Company reported 2010 full
year net income of $6.6 billion, or $1.66
per share, an increase of $3.8 billion, or
80 cents per share, from 2009. This was
Ford’s highest net income in more than
10 years, as strong products and new
investments fueled improvements in all
of the company’s business operations
around the world.
“Our 2010 results exceeded our
expectations, accelerating our transition
from fixing the business fundamentals
to delivering profitable growth for
all,” said Alan Mulally, Ford president
and CEO. “We are investing in an
unprecedented amount of products,
technology and growth in all regions of
the world.”
This increase reflects a profit in each
Automotive segment led by strong
performance in North America,
reflecting primarily favorable volume
and mix as well as favorable net
pricing. Ford Credit’s strong profit also
contributed significantly to Ford’s full
year performance.
Ford made significant progress in
strengthening its balance sheet,
reducing Automotive debt by
$14.5 billion in 2010, a 43 percent
reduction. These actions will lower
annualized interest expense by about
$1 billion. Ford finished the year with
Automotive gross cash exceeding debt
by $1.4 billion.
The progress that we made improving
our core Automotive business has
allowed us to strengthen significantly
the balance sheet in 2010, and this will
remain a key area of focus for us in 2011.
We continue to manage the business for
long term profitable growth.
IMPROVING OUR BALANCE SHEET
CFO
JANUARY/FEBRUARY 2010
www.cfo.com
Eat
My
Dust
•
HUMAN CAPITAL:
IS Y O UR
TOP TALENT
PREPARING
TO BOLT?
ESCAPING
THE BUBBLE:
DO YOU REALLY KNOW
WHAT’S GOING ON
AT YOUR COMPANY?
FORD MOTOR CO. CFO LEWIS BOOTH:
WHICH OF THE COMPANY’S
RIVALS WILL HE SEE IN HIS REARVIEW
MIRROR THIS YEAR?
ForD’s LEwis Booth
on cash, corporatE
cuLturE anD thE
coMpEtitivE spirit
Years
of
Finance
CFO Celebrates
its silver
anniversary
BEST BUSINESS,
BANKING & FINANCE
ISSUE
•