2nd Quarter Earnings Guidance
Ford Motor Co
16 June 2004
Contact: Media: Investment Community: Media Information Center:
Becky Bach Raj Modi 1.800.665.1515 or
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bbach1@ford.com fordir@ford.com media@ford.com
FORD INCREASES SECOND-QUARTER EARNINGS GUIDANCE
DEARBORN, Mich., June 16, 2004 - Ford Motor Company is raising its second-
quarter earnings guidance by 15 cents per share, from a range of 30 to 35 cents
per share to a range of 45 to 50 cents per share from continuing operations,
excluding special items.
The increase primarily reflects the strong performance of the company's
Financial Services Sector, which has benefited from lower than anticipated
credit losses, improved vehicle residual values and a continuation of the low
interest rate environment.
Full-year earnings now are expected to be in a range of $1.65 to $1.75 per
share, compared with previous guidance of $1.50 to $1.60 per share, in each case
from continuing operations, excluding special items.
As previously indicated, special items, consisting primarily of the disposition
of non-core businesses and completion of the restructuring in Ford Europe are
estimated to reduce full-year 2004 earnings by about 7 to 9 cents per share.
###
Statements included herein may constitute 'forward looking statements' within
the meaning of the Private Securities Litigation Reform Act of 1995. These
statements involve a number of risks, uncertainties, and other factors that
could cause actual results to differ materially from those stated, including,
without limitation:
• greater price competition resulting from currency fluctuations, industry
overcapacity or other factors;
• a significant decline in industry sales, particularly in the U.S. or Europe,
resulting from slowing economic growth, geo-political events or other factors;
• lower-than-anticipated market acceptance of new or existing products;
• work stoppages at key Ford or supplier facilities or other interruptions of
supplies;
• the discovery of defects in vehicles resulting in delays in new model
launches, recall campaigns or increased warranty costs;
• increased safety, emissions, fuel economy or other regulation resulting in
higher costs and/or sales restrictions;
• unusual or significant litigation or governmental investigations arising out
of alleged defects in our products or otherwise;
• worse-than-assumed economic and demographic experience for our post-retirement
benefit plans (e.g., investment returns, interest rates, health care cost
trendes, benefit improvements);
• currency or commodity price fluctuations;
• changes in interest rates;
• a market shift from truck sales in the U.S.;
• economic difficulties in any significant market;
• reduced availability of or higher prices for fuel;
• labor or other constraints on our ability to restructure our business;
• a change in our requirements under long-term supply arrangements under which
we are obligated to purchase minimum quantities or pay minimum amounts;
• credit rating downgrades;
• inability to access debt or securitization markets around the world at
competitive rates or in sufficient amounts;
• higher-than-expected credit losses;
• lower-than-anticipated residual values for leased vehicles;
• increased price competition in the rental car industry and/or a general
decline in business or leisure travel due to terrorist attacks, acts of war,
epidemic diseases or measures taken by governments in response thereto that
negatively affect the travel industry; and
• our inability to implement the Revitalization Plan.
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This information is provided by RNS
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