Ford's Bumpy 2005: Fool by Numbers

On Jan. 23, Ford Motor (NYSE: F  ) released earnings for fiscal 2005, which ended Dec. 31, 2005.

  • Sales of $178.1 billion and earnings of $1.04 per share both exceeded analyst estimates, but that's about the extent of the good news for Ford during 2005. You could blame Japan. Or the bullet Ford took for parts partner Visteon (NYSE: VC  ) . Or maybe carmaking is just a lousy business to be in.
  • Indeed, the problem is serious enough that Ford announced Monday morning that it plans to cut as many as 30,000 jobs.
  • Need another warning sign? How about this: Ford didn't publish a cash flow statement for either the quarter or the full year. That's not exactly standard practice for the automaker.

(Figures in millions, except per-share data)

Income Statement Highlights

Avg. Est.

FY 2005

FY 2004

% Change

Sales

$150,010

$178,101

$171,646

+3.8%

Net Profit

--

$1,998

$3,487

-42.7%

EPS

$1.02

$1.04

$1.73

-39.9%



Get back to basics with a look at the income statement.

Margin Checkup

FY 2005

FY 2004

% Change

Gross Margin

18.03%

20.85%

-2.82%

Op. Margin

-0.37%

2.10%

-2.47%

Net Margin

1.12%

2.03%

-0.91%



Margins are the earnings engine. See how they work.

Balance Sheet Highlights

Assets

Q4 2005

Q4 2004

% Change

Cash + ST Invest.

$39,082

$31,777

+23.0%

Inventory

$10,271

$10,766

-4.6%

Accounts Rec.

$114,497

$115,435

-0.8%



Liabilities

Q4 2005

Q4 2004

% Change

Long-Term Debt

$154,332

$164,337

-6.1%

Accounts Pay.

$22,806

$21,991

+3.7%

Cash Flow Highlights

No cash flow statement provided. (Bogus.)

Find out why Fools always follow the money.

Related Companies:

  • Daimler Chrysler (NYSE: DCX  )
  • General Motors (NYSE: GM  )
  • Honda (NYSE: HMC  )
  • Nissan (Nasdaq: NSANY  )
  • Toyota Motor (NYSE: TM  )
  • Visteon

Related Foolishness:

Fool by Numbers is designed to give you the raw earnings information in a timely fashion, putting all the numbers you need in one easy-to-read place. But at The Motley Fool, we believe numbers tell only part of the story, so checkFool.comfor more of our in-depth discussion of what the numbers mean.

Fool contributorTim Beyersdidn't own shares in any of the companies mentioned in this story at the time of publication. You can find out what is in his portfolio by checking Tim's Foolprofile. The Motley Fool has an ironcladdisclosure policy.


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