Fleet News

Ford in bullish mood for 2001 as earnings rise

FORD is in bullish mood for 2001 sales after it revealed last year's results which included a $1 billion restructuring charge on its European operations, partly related to the closure of car-making at Dagenham. Ford Motor Company earned $6.7 billion (£4.6 billion) last year on sales of $170 billion (£117 billion), up 6% year-on-year, but after taking account of one-off items including the hit on European revenues the company earned $5.4 billion (£3.7 billion).

Fourth quarter earnings were well below a year ago at $1.2 billion (£827 million) compared with £1. 8 billion (£1.24 billion) largely due to weaker business in the United States of America. A year ago, in Europe Ford reported an operating profit of $10 million (£6.8 million) on revenues of $29.3 billion (£20.2 billion). However, this year it reported losses of $1.13 billion (£779 million) on revenues of $28.7 billion (£19.7 billion). On an operating basis, Europe had a loss of $35 billion (£24.1 million).

Fourth quarter results in Europe saw a profit of $33 million (£22.7 million) on revenues of $7.3 billion (£5 billion) reflecting continued cost reductions, according to the company. The 1999 fourth quarter saw a loss of $30 million (£20.6 billion) on revenues of $8.5 billion (£5.8 billion). Ford Credit reported earnings up 22% to $1.54 billion (£1.06 billion), while Hertz had record income of $358 £246 million).

Leave a comment for your chance to win £20 of John Lewis vouchers.

Every issue of Fleet News the editor picks his favourite comment from the past two weeks – get involved for your chance to appear in print and win!

Login to comment

Comments

No comments have been made yet.

Compare costs of your company cars

Looking to acquire new vehicles? Check how much they'll cost to run with our Car Running Cost calculator.

What is your BIK car tax liability?

The Fleet News car tax calculator lets you work out tax costs for both employer and employee