Ford Makes Solid Progress on Plan -- $100 Million Q1 Net Income

-- Automotive gross cash of $28.7 billion at March 31, 2008. +++

DEARBORN, Mich., April 24 /PRNewswire-FirstCall/ -- Ford Motor Company (NYSE: F) today reported net income of $100 million, or 5 cents per share, for the first quarter of 2008. This compares with a net loss of $282 million, or 15 cents per share, in the first quarter of 2007.

The 2008 operating data discussed herein exclude Jaguar Land Rover because it is held for sale. Jaguar Land Rover and Aston Martin data are, however, included in the 2007 data, except where otherwise noted. See tables following "Safe Harbor/Risk Factors" for the amounts attributable to Jaguar Land Rover and any necessary reconciliations to U.S. GAAP.

Ford's first quarter pre-tax operating profit from continuing operations, excluding special items, was $736 million, up $669 million from a year ago. On an after-tax basis, Ford's first quarter operating profit from continuing operations, excluding special items, was $525 million, or 20 cents per share, compared with a loss of $172 million, or 9 cents per share, in the same period a year ago.

Ford's first quarter revenue, excluding special items, was $39.4 billion, down from $43 billion a year ago. Adjusted to exclude Jaguar Land Rover and Aston Martin from 2007 results, revenue would have been up slightly, with favorable exchange about offset by lower volume and net pricing.

    Special items reduced pre-tax results by $416 million, or 15 cents per
share, in the first quarter. These primarily reflected charges associated with
personnel actions, dealer reduction actions and the restructuring of our
investment in Ballard.


    Financial Results Summary                              First Quarter
                                                      -----------------------
                                                        2008      O/(U) 2007
    -------------------------------------------------------------------------
    Wholesales (000)++                                 1,531            (119)
    Revenue (Bils.)++                                  $39.4           $(3.6)

    Continuing Operations++
    ---------------------
    Automotive Profits (Mils.)                          $669            $895
    Financial Services (Mils.)                            67             (26)
                                                         ---             ---
       Pre-Tax Profits (Mils.)                          $736            $669

    After-Tax Profits (Mils.)                            525             697

    Earnings Per Share++++                              0.20            0.29

    Special Items Pre-Tax (Mils.)                      $(416)          $(303)
    ---------------------

    Net Income
    ----------
    After-Tax Profits (Mils.)                           $100            $382
    Earnings Per Share++++                              0.05            0.20

    Automotive Gross Cash (Bils.)+++                   $28.7           $(6.5)
    ---------------------

    See end notes following "Safe Harbor/Risk Factors."

Automotive gross cash, which includes cash and cash equivalents, net marketable securities and loaned securities, was $28.7 billion at March 31, 2008, a decrease of $5.9 billion from 2007 year-end levels. The decrease was consistent with our plan and primarily reflects implementation of the initial part of our VEBA agreement with the UAW.

"The results of this quarter are encouraging, particularly our outstanding performance in Europe and South America," said Ford President and CEO Alan Mulally. "In the past several years, we have substantially restructured these businesses. We believe this is an indication that our efforts to leverage Ford's global assets across the world will bear fruit. Going forward, we remain committed to our key business objectives, including our goal of reaching North America and overall Automotive profitability in 2009 despite the challenging economic conditions."

The following discussion of first quarter highlights and the results in our Automotive sector and Automotive segments/business units is on a basis that excludes special items. See tables following "Safe Harbor/Risk Factors" for the nature and amount of these special items and any necessary reconciliations to U.S. GAAP.

    FIRST QUARTER HIGHLIGHTS:
    -- Posted strong profits of $739 million in Ford Europe and $257 million
       in Ford South America.
    -- Improved Ford North America results by nearly $600 million compared
       with the first quarter of 2007.
    -- Achieved $1.7 billion in cost savings, including $1.2 billion in Ford
       North America (at constant volume, mix and exchange; excluding special
       items).
    -- Improved productivity in North America; achieved agreement to reduce
       U.S. hourly personnel by an additional 4,200 through our recent
       enterprise-wide buyout program.
    -- Agreed to sell Jaguar Land Rover to Tata Motors with expected closure
       in the second quarter.
    -- Further integrated our global Product Development and Purchasing
       functions.  These actions will accelerate new vehicle development,
       improve quality and reduce costs.
    -- Introduced the Ford Fiesta, our all-new global small car, at the Geneva
              Motor  Show.    Fiesta  will  be  sold  in  virtually  all  of  our  major
              worldwide  markets  by  2010.
        --  Improved  initial  quality  in  North  America  by  8  percent  in  our  most
              recent  survey,  putting  Ford  at  parity  with  Honda  and  Toyota  as  the  best
              in  the  industry.


        AUTOMOTIVE  SECTOR

        Automotive  Sector*                                                                          First  Quarter
                                                                                                            -----------------------
                                                                                                                2008            O/(U)  2007
        -------------------------------------------------------------------------
        Wholesales  (000)                                                                      1,531                    (119)
        Revenue  (Bils.)                                                                        $35.0                  $(3.6)
        Pre-Tax  Profits  (Mils.)                                                            669                      895

        *excludes  special  items

 


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