SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 26, 1994
----------------
FORD MOTOR COMPANY
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
1-3950 38-0549190
(Commission File Number) (IRS Employer Identification No.)
The American Road, Dearborn, Michigan 48121
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 313-322-3000
<PAGE>
Item 5. Other Events.
News release dated October 26, 1994, filed as Exhibit 20 to
this Current Report on Form 8-K, is incorporated by reference
herein.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
EXHIBITS
Designation Description Method of Filing
Exhibit 20 News release dated Filed with this Report
October 26, 1994.
Exhibit 27.1 Financial Data Schedule -
Automotive Segment Filed with this Report
Exhibit 27.2 Financial Data Schedule -
Financial Services Segment Filed with this Report
Exhibit 27.3 Financial Data Schedule
Conglomerate Total Filed with this Report
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized on the
date indicated.
FORD MOTOR COMPANY
(Registrant)
Date: October 26, 1994 By:/s/T. J. DeZure
T. J. DeZure
Assistant Secretary
<PAGE>
EXHIBIT INDEX
DESIGNATION DESCRIPTIONPAGE
Exhibit 20 News release dated
October 26, 1994.
Exhibit 27.1 Financial Data Schedule -
Automotive Segment
Exhibit 27.2 Financial Data Schedule -
Financial Services Segment
Exhibit 27.3 Financial Data Schedule
Conglomerate Total
3rd.8k
Corporate News Public Affiars
Ford Motor Company
The American Road
Room 904
Dearborn, MI 48121
Telephone (313)322-9600
Fax (313)845-0570
FOR RELEASE AT 8:00 A.M. E.D.T. WEDNESDAY, OCT. 26
Contact: For media inquiries: For broadcast media:
Kathryn Blackwell Lin Cummins
(313) 322-9600 (313) 322-9600
Stockholder inquiries:
(313) 845-8540
FORD POSTS SOLID THIRD-QUARTER EARNINGS
DEARBORN, Mich., Oct. 26 -- Steady improvement in most
automotive markets and another record performance in financial
services provided Ford Motor Company with third-quarter earnings
of $1.04 per share of common and Class B stock, compared with 40
cents per share in the same period last year. (Earnings per
share data have been adjusted to reflect the company's 2-for-1
stock split in the form of a 100 percent stock dividend which was
effective June 6, 1994.)
The third-quarter results marked the seventh-straight
quarterly earnings improvement for the company. Total earnings
were $1.124 billion, a third-quarter record. Earnings in the
third quarter of 1993 were $463 million, including a favorable
one-time effect of $140 million because of new U.S. tax
legislation.
"These results reflect Ford's improving financial
performance," said Alex Trotman, chairman and chief executive
officer. "We are strengthening the fundamentals of our business
to support long-term growth and enhance our worldwide competitive
position."
<PAGE>
-2-
Summary of Third-Quarter 1994 Results Compared with 1993
- --------------------------------------------------------
Overview
- - Total earnings were $1.124 billion, compared with $463 million
in the third quarter, 1993.
- - Earnings per share were $1.04, compared with $.40 last year.
- - Worldwide sales and revenues were $30.6 billion, compared with
$24.5 billion.
Automotive
- - Net income from worldwide automotive operations was $601
million, compared with $72 million.
- - Worldwide automotive after-tax return on sales was 2.4
percent, compared with 0.4 percent.
- - Net income from U.S. automotive operations was a third-quarter
record $578 million, compared with $333 million.
- - Automotive operations outside the U.S. earned $23 million,
compared with a loss of $261 million.
Financial Services Group
- - The Financial Services Group earned $523 million, compared
with $391 million.
- - Ford Credit earned $315 million, compared with $275 million.
- - The Associates Corporation of North America earned $162
million, compared with $134 million.
- - USL Capital earned $27 million, compared with $16 million.
Balance Sheet
- - Stockholders' equity was $20 billion, compared with $15.8
billion.
- - Automotive cash and marketable securities were $13.9 billion,
compared with $9.3 billion.
- - Automotive debt was $7.2 billion, compared with $7.9 billion.
- - Capital spending was $2.5 billion, compared with $1.8 billion.
Sales & Market Share
- - Worldwide factory unit sales were 1,526,000, compared with
1,306,000.
- - Combined car and truck market share in the U.S. was 25.2
percent, compared with 25.7 percent last year.
- - European car and truck share was 12.7 percent, compared with
12.5 percent.
<PAGE>
-3-
Automotive Operations
- ---------------------
Ford's net income from worldwide automotive operations
improved $529 million, compared with the third quarter of 1993.
The after-tax return on sales was 2.4 percent, up 2.0 percentage
points from last year. U.S. automotive operations showed
continued strength with a $245 million improvement over the prior
year (a $416 million improvement excluding the effect of
favorable 1993 U.S. tax legislation). The company projects U.S.
industry sales of about 15.5 million cars and trucks for 1994,
compared with 14.2 million units in 1993.
"We expect that vehicle demand in the U.S. will continue to
be healthy. There should be plenty of life left in this cycle.
Our new products are improving the quality of our market share
and we have plans to further strengthen our car and truck lines
over the next couple of years," Trotman said. "The Ford Windstar
has helped increase our third-quarter share of the important
minivan segment by eight percentage points compared with last
year. The new Ford Contour and Mercury Mystique and the
redesigned Ford Explorer and Lincoln Continental should provide
further momentum."
Automotive operations outside the U.S. improved $284
million. Ford's European automotive operations (excluding
Jaguar) earned $25 million, compared with a loss of
$217 million a year ago.
"Europe is in the early stages of economic recovery and we
expect to see continued improvements in most countries," Trotman
said. "Our team in Europe has done an excellent job in
strengthening our operations there. We are well-positioned for
further progress."
European industry sales for 1994 are projected to be about
13.3 million units, compared with 12.5 million units in 1993.
Industry volumes were up in most major markets in the third
quarter compared with last year.
The Financial Services Group
- ----------------------------
The Financial Services Group earned $523 million, a third-
quarter record. The Group's profit was up $132 million, compared
with the $391 million earned during the same period last year
($422 million excluding the effect of 1993 U.S. tax legislation).
<PAGE>
-4-
The Group's improvement included earnings of $162 million by
The Associates Corp. of North America -- the best quarter in the
company's history -- compared with $134 million in the third
quarter of 1993. Ford Credit posted earnings of $315 million and
USL Capital recorded a profit of $27 million, both third-quarter
records.
"All three of the Group's operations turned in record
profits this quarter, and we are extremely pleased by their
contribution to the company's bottom line," Trotman said.
Outlook -- Ford Focuses on Long-Term Growth
- -------------------------------------------
"This is one of the most exciting periods in Ford Motor
Company's history," Trotman said. "We're preparing for the
future by driving for improved efficiency, lower cost and ever
improving quality of our products and services in all of our
established markets. At the same time, we are preparing for
long-term growth by entering high-potential new markets
worldwide."
# # #
10/26/94
<PAGE>
Ford Motor Company and Subsidiaries
HIGHLIGHTS
--------------
<TABLE>
<CAPTION>
Third Quarter Nine Months
-------------------- ---------------------
1994 1993 1994 1993
-------- -------- -------- -------
<S> <C> <C> <C> <C>
Worldwide factory sales of cars
and trucks (in thousands)
- - United States 1,004 859 3,213 2,883
- - Outside United States 522 447 1,788 1,630
----- ----- ----- -----
Total 1,526 1,306 5,001 4,513
===== ===== ===== =====
Sales and revenues (in millions)
- - Automotive $24,926 $20,107 $79,371 $68,057
- - Financial Services 5,696 4,391 15,425 12,623
------- ------- ------- -------
Total $30,622 $24,498 $94,796 $80,680
======= ======= ======= =======
Net income (in millions)
- - Automotive $ 601 $ 72 $ 2,739 643
- - Financial Services 523 391 1,000* 1,167
------- ------- ------- -------
Total $ 1,124 $ 463 $ 3,739 $ 1,810
======= ======= ======= =======
Capital expenditures (in millions)
- - Automotive $ 2,426 $ 1,807 $ 5,906 $ 4,712
- - Financial Services 50 25 171 67
------- ------- ------- -------
Total $ 2,476 $ 1,832 $ 6,077 $ 4,779
======= ======= ======= =======
Stockholders' equity at
September 30
- - Total (in millions) $19,985 $15,827 $19,985 $15,827
- - After-tax return on Common and
Class B stockholders' equity 26.7% 12.7% 33.1% 17.8%
Automotive cash, cash equivalents,
and marketable securities at
September 30 (in millions) $13,915 $ 9,284 $13,915 $ 9,284
Automotive debt at September 30
(in millions) $ 7,233 $ 7,887 $ 7,233 $ 7,887
Automotive after-tax return
on sales 2.4% 0.4% 3.5% 1.0%
Shares of Common and Class B Stock
(in millions)
- - Average number outstanding 1,014 988 1,006 984
- - Number outstanding at
September 30 1,017 994 1,017 994
AMOUNTS PER SHARE OF COMMON AND
CLASS B STOCK AFTER PREFERRED
STOCK DIVIDENDS
Income
- - Automotive $ 0.52 $ 0 $ 2.51 $ 0.43
- - Financial Services 0.52 0.40 0.99 1.19
------- ------- ------- -------
Total $ 1.04 $ 0.40 $ 3.50 $ 1.62
======= ======= ======= =======
Income assuming full dilution $ 0.93 $ 0.38 $ 3.13 $ 1.51
Cash dividends per share of
Common and Class B Stock $ 0.225 $ 0.20 $ 0.65 $ 0.60
- - - - - -
*Includes a loss of $440 million related to the disposition of
First Nationwide Financial Corporation.
Share data have been restated to reflect the 2-for-1 stock split
that became effective June 6, 1994.
/TABLE
<PAGE>
<TABLE>
Ford Motor Company and Subsidiaries
VEHICLE FACTORY SALES
----------------------
For the Periods Ended September 30, 1994 and 1993
<CAPTION>
Third Quarter Nine Months
----------------------- ---------------------
1994 1993 1994 1993
---------- ---------- ------- ---------
<S> <C> <C> <C> <C>
North America
Cars - U.S. 479,272 439,394 1,539,903 1,491,815
- Canada 27,650 24,444 98,580 94,890
- Mexico 9,227 8,448 34,632 39,302
-------- -------- ---------- ----------
Total cars 516,149 472,286 1,673,115 1,626,007
Trucks - U.S. 524,658 420,047 1,673,343 1,391,490
- Canada 36,186 25,256 114,288 84,135
- Mexico 11,223 8,414 30,709 28,979
-------- -------- ---------- ----------
Total trucks 572,067 453,717 1,818,340 1,504,604
-------- -------- ---------- ----------
Total North America 1,088,216 926,003 3,491,455 3,130,611
Outside North America
Germany 199,963 182,691 721,979 638,653
Britain 110,107 88,352 346,927 323,793
Spain 60,986 24,896 224,688 163,205
Australia 31,641 34,066 92,242 93,226
Taiwan 18,006 26,638 69,428 94,980
Japan 8,694 12,910 25,596 42,080
Other countries 8,518 10,027 28,428 26,175
-------- -------- ---------- ----------
Total outside North America 437,915 379,580 1,509,288 1,382,112
-------- -------- ---------- ----------
Total worldwide vehicle
factory sales 1,526,131 1,305,583 5,000,743 4,512,723
========= ========= ========= =========
Includes units manufactured by other companies and sold by Ford.
Factory sales are shown by source of manufacture, except within
North America. In North America, U.S. sales include exports from
Canada, Mexico, and Australia. Canadian sales include exports from
the U.S. and Mexico. Mexican sales include exports from the U.S.
and Canada.
</TABLE>
<PAGE>
<TABLE>
Ford Motor Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
--------------------------------
For the Periods Ended September 30, 1994 and 1993
(in millions)
<CAPTION>
Third Quarter Nine Months
------------------------- -----------------------
1994 1993 1994 1993
-------- ---------- -------- --------
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
AUTOMOTIVE
Sales $24,926 $20,107 $79,371 $68,057
Costs and expenses (Note 2)
Costs of sales 22,745 19,263 71,094 63,526
Selling, administrative, and other expenses 1,192 1,086 3,763 3,481
------- ------- ------- -------
Total costs and expenses 23,937 20,349 74,857 67,007
Operating income/(loss) 989 (242) 4,514 1,050
Interest income 126 127 417 413
Interest expense 190 214 529 650
------- ------- ------- -------
Net interest expense (64) (87) (112) (237)
Equity in net income of affiliated companies 84 133 193 144
Net expense from transactions with
Financial Services 9 10 28 27
------- ------- ------- -------
Income/(loss) before income taxes - Automotive 1,000 (206) 4,567 930
FINANCIAL SERVICES
Revenues 5,696 4,391 15,425 12,623
Costs and expenses
Interest expense 1,774 1,626 5,040 4,859
Operating and other expenses 1,245 807 3,292 2,342
Provision for credit and insurance losses 400 409 1,153 1,186
Depreciation 1,390 827 3,490 2,207
Loss on disposition of Granite Management
(First Nationwide)(Note 4) - - 475 -
------- ------- ------- -------
Total costs and expenses 4,809 3,669 13,450 10,594
Net revenue from transactions with Automotive 9 10 28 27
------- ------- ------- -------
Income before income taxes - Financial Services 896 732 2,003 2,056
------- ------- ------- -------
TOTAL COMPANY
Income before income taxes 1,896 526 6,570 2,986
Provision for income taxes (Note 5) 737 32 2,723 1,070
------- ------- ------- -------
Income before minority interests 1,159 494 3,847 1,916
Minority interests in net income of
subsidiaries 35 31 108 106
------- ------- ------- ------
Net income 1,124 463 3,739 1,810
Preferred stock dividend requirements 72 72 216 216
------- ------- ------- -------
Income attributable to Common
and Class B Stock $ 1,052 $ 391 $ 3,523 $ 1,594
======= ======= ======= =======
Average number of shares of Common and Class B
Stock outstanding (Note 6) 1,014 988 1,006 984
AMOUNTS PER SHARE OF COMMON STOCK AND CLASS B
STOCK AFTER PREFERRED STOCK DIVIDENDS
Income $ 1.04 $ 0.40 $ 3.50 $ 1.62
======= ======= ======= =======
Income assuming full dilution $ 0.93 $ 0.38 $ 3.13 $ 1.51
Cash dividends $ 0.225 $ 0.20 $ 0.65 $ 0.60
- - - - - -
The accompanying notes are part of the financial statements.
Share data have been restated to reflect the 2-for-1 stock split
that became effective June 6, 1994.
/TABLE
<PAGE>
<TABLE>
Ford Motor Company and Subsidiaries
CONSOLIDATED BALANCE SHEET
--------------------------
(in millions)
<CAPTION>
September 30, December 31,
1994 1993
------------- -----------
(unaudited)
<S> <C> <C>
ASSETS
Automotive
Cash and cash equivalents $ 7,193 $ 5,667
Marketable securities 6,722 4,085
-------- --------
Total cash, cash equivalents, and marketable securities 13,915 9,752
Receivables 2,552 2,302
Inventories (Note 3) 6,394 5,538
Deferred income taxes 2,781 2,830
Other current assets 1,499 1,226
Net current receivable from Financial Services 1,150 834
-------- --------
Total current assets 28,291 22,482
Equity in net assets of affiliated companies 3,244 3,002
Net property 25,989 23,059
Deferred income taxes 4,992 5,427
Other assets 6,484 7,691
Net noncurrent receivable from Financial Services 81 76
-------- --------
Total Automotive assets 69,081 61,737
Financial Services (Note 4)
Cash and cash equivalents 2,042 2,555
Investments in securities 6,328 8,219
Net receivables and lease investments 124,832 119,535
Other assets 12,536 6,892
-------- --------
Total Financial Services assets 145,738 137,201
-------- --------
Total assets $214,819 $198,938
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Automotive
Trade payables $ 10,954 $ 8,769
Other payables 2,212 1,976
Accrued liabilities 12,835 10,815
Income taxes payable 474 160
Debt payable within one year 96 932
-------- --------
Total current liabilities 26,571 22,652
Long-term debt 7,137 7,084
Other liabilities 25,769 25,911
Deferred income taxes 1,009 1,089
-------- --------
Total Automotive liabilities 60,486 56,736
Financial Services (Note 4)
Payables 2,359 1,881
Debt 119,056 103,960
Deposit accounts 0 10,549
Deferred income taxes 2,891 2,287
Other liabilities and deferred income 7,152 5,583
Net payable to Automotive 1,231 910
-------- --------
Total Financial Services liabilities 132,689 125,170
Preferred stockholders' equity in subsidiary companies 1,659 1,458
Stockholders' equity
Capital stock
Preferred Stock, par value $1.00 per share (aggregate
liquidation preference of $3.4 billion) * *
Common Stock, par value $1.00 per share (947 and 464 million shares issued) 947 464
Class B Stock, par value $1.00 per share (71 and 35 million shares issued) 71 35
Capital in excess of par value of stock 5,139 5,082
Foreign currency translation adjustments and other 268 (678)
Minimum pension liability adjustment (381) (400)
Earnings retained for use in business 13,941 11,071
-------- --------
Total stockholders' equity 19,985 15,574
-------- --------
Total liabilities and stockholders' equity $214,819 $198,938
======== ========
- - - - - -
*Less than $1 million
The accompanying notes are part of the financial statements.
</TABLE>
<PAGE>
<TABLE>
Ford Motor Company and Subsidiaries
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
----------------------------------------------
For the Periods Ended September 30, 1994 and 1993
(in millions)
<CAPTION>
Nine Months 1994 Nine Months 1993
--------------------- -----------------------
Financial Financial
Automotive Services Automotive Services
----------- --------- ---------- --------
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
Cash and cash equivalents at January 1 $ 5,667 $ 2,555 $ 3,504 $ 3,182
Cash flows from operating activities before securities trading 10,717 6,852 6,158 5,453
Net (purchases)/sales of trading securities (Note 7) (2,765) (18) - -
-------- -------- -------- --------
Net cash flows from operating activities 7,952 6,834 6,158 5,453
Cash flows from investing activities
Capital expenditures (5,906) (172) (4,711) (67)
Proceeds from sale and leaseback of fixed assets 0 - 729 -
Acquisitions of other companies - 0 - (336)
Acquisitions of receivables and lease investments - (149,021) - (119,717)
Collections of receivables and lease investments - 127,419 - 104,727
Acquisitions of daily rental vehicles, net of disposals - (1,013) - 0
Purchases of securities (Note 7) (116) (9,515) (66,511) (11,423)
Sales of securities (Note 7) 252 8,970 66,073 10,114
Proceeds from sales of receivables - 2,526 - 4,207
Loans originated net of principal payments - (207) - (949)
Investing activity with Financial Services 9 - (174) -
Other 407 (328) (72) 230
-------- -------- -------- --------
Net cash used in investing activities (5,354) (21,341) (4,666) (13,214)
Cash flows from financing activities
Cash dividends (869) - (814) -
Issuance of Common Stock 375 - 305 -
Changes in short-term debt (795) 8,024 (356) 2,295
Proceeds from issuance of other debt 158 15,265 401 17,299
Principal payments on other debt (41) (10,262) (292) (10,257)
Financing activity with Automotive - (9) - 174
Changes in customers' deposits, excluding
interest credited - (422) - (3,505)
Receipts from annuity contracts - 875 - 629
Redemption of Hertz common and preferred stock (Note 8) - (145) - -
Issuance of subsidiary company preferred stock - 202 - 375
Other (20) (24) (142) 36
------- -------- ----- ------------
Net cash (used in)/provided by financing activities (1,192) 13,504 (898) 7,046
Effect of exchange rate changes on cash 441 169 120 125
Net transactions with Automotive/Financial Services (321) 321 (899) 899
------- -------- -------- --------
Net increase/(decrease) in cash and cash
equivalents 1,526 (513) (185) 309
-------- -------- -------- --------
Cash and cash equivalents at September 30 $ 7,193* $ 2,042 $ 3,319* $ 3,491
======== ======== ======== ========
</TABLE>
<TABLE>
<S> <C> <C>
Total cash and cash equivalents $9,235 $6,810
====== ======
- - - - - -
*Automotive cash, cash equivalents, and marketable securities at
September 30 were as follows (in millions):
1994 - $13,915; 1993 - $9,284
The accompanying notes are part of the financial statements.
/TABLE
<PAGE>
Ford Motor Company and Subsidiaries
NOTES TO FINANCIAL STATEMENTS
----------------------------
(unaudited)
1. Financial Statements - The financial data presented herein
are unaudited, but in the opinion of management reflect those
adjustments necessary for a fair presentation of such
information. Results for interim periods should not be
considered indicative of results for a full year. Reference
should be made to the financial statements contained in the
registrant's Annual Report on Form 10-K (the "10-K Report")
for the year ended December 31, 1993. For purposes hereof,
"Ford" or the "Company" means Ford Motor Company and its
majority-owned subsidiaries unless the context requires
otherwise.
2. Selected Automotive costs and expenses are summarized as
follows (in millions):
<TABLE>
<CAPTION>
Third Quarter Nine Months
---------------- --------------------
1994 1993 1994 1993
------ ----- ------ -----
<S> <C> <C> <C> <C>
Depreciation $ 555 $ 592 $1,700 $1,809
Amortization 408 409 1,532 1,477
</TABLE>
3. Inventories are summarized as follows (in millions):
September 30, December 31,
1994 1993
------------- ------------
Raw materials, work in process
and supplies $3,050 $2,937
Finished products 3,344 2,601
------ ------
Inventories - Automotive $6,394 $5,538
====== ======
Inventories - U.S. Automotive $2,892 $2,575
4. Sale of First Nationwide Bank
On April 14, 1994, an agreement was entered into between
Granite Savings Bank, a Federal Savings Bank (formerly First
Nationwide Bank)(the "Bank") and First Madison Bank, FSB
("First Madison") for the sale of substantially all of the
Bank's assets to, and the assumption of substantially all of
the Bank's liabilities by, First Madison. The Bank is a
wholly-owned subsidiary of Granite Management Corporation
(formerly First Nationwide Financial Corporation)("Granite"),
which in turn is a wholly-owned subsidiary of Ford. The
transaction was completed on September 30, 1994.
The Company recognized in First Quarter 1994 earnings a pre-
tax charge of $475 million and an after-tax charge of $440
million related to the disposition of Granite, reflecting the
non-recovery of goodwill and reserves for estimated losses on
assets to be retained or repurchased by Granite. These
assets will be liquidated over time as market conditions
permit. The tax effect of this transaction takes into
account differences between the book and tax basis of certain
assets for which deferred taxes were not required to be
provided under Statement of Financial Accounting Standards
("SFAS") No. 109, "Accounting for Income Taxes". The
Company's income statement includes the results of operations
of Granite through March 31, 1994. The net assets of Granite
at September 30, 1994 are included in the balance sheet under
Financial Services - Other Assets. Historically, Granite
(including the Bank) has not had a significant effect on
Ford's operating results.
5. Income Taxes
------------
On August 10, 1993 the Omnibus Budget Reconciliation Act of
1993 was enacted in the U.S. Among other changes, the Act
increased the federal income tax rate for corporations by one
percentage point to 35% effective January 1, 1993. Net
income in the third quarter of 1993 included a reduction of
$140 million in the provision for income taxes as a result of
restating U.S. deferred tax balances. The favorable effect
reflected the higher tax rate applied to net deferred tax
assets in the U.S.
6. Stock Split
-----------
On April 14, 1994, the Company's Board of Directors declared
a 2-for-1 stock split in the form of a 100% stock dividend on
the Company's Common Stock and Class B Stock. The stock
split became effective June 6, 1994, and share data have been
restated to reflect the 2-for-1 stock split.
7. Consolidated Statement of Cash Flows
------------------------------------
Effective January 1, 1994, the Company adopted SFAS No. 115,
"Accounting for Certain Investments in Debt and Equity
Securities". Accordingly, the purchases and sales of trading
securities are included in cash flows from operating
activities. Financial statements for the prior period were
not restated.
8. Acquisition of The Hertz Corporation
------------------------------------
On March 8, 1994, Ford purchased from Commerzbank
Aktiengesellschaft, a German bank, additional shares of
common stock of Hertz aggregating 5% of the total outstanding
voting stock, thereby bringing Ford's ownership of the total
voting stock of Hertz to 54% from 49%. On April 29, 1994,
Ford acquired 20% of Hertz' common stock from Park Ridge
Limited Partnership, and Hertz redeemed the common stock
(26%) and preferred stock of Hertz owned by AB Volvo for
$145 million; these transactions resulted in Hertz becoming a
wholly-owned subsidiary of Ford. In addition, a $150 million
subordinated promissory note of Hertz held by Ford Credit was
exchanged for $150 million of preferred stock of Hertz.
Hertz' earnings included in Financial Services results for
the third quarter and nine months ended September 30, 1994
were $61 million and $88 million respectively, compared with
$19 million and $22 million included in Automotive results
for the same periods a year ago (reflecting Ford's prior
equity interest in Hertz).
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
Automotive Segment
</LEGEND>
<CIK> 0000037996
<NAME> FORD MOTOR COMPANY
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<CASH> 7,193
<SECURITIES> 6,722
<RECEIVABLES> 2,637
<ALLOWANCES> 85
<INVENTORY> 6,394
<CURRENT-ASSETS> 28,291
<PP&E> 57,992
<DEPRECIATION> 32,003
<TOTAL-ASSETS> 69,081
<CURRENT-LIABILITIES> 26,571
<BONDS> 7,137
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 79,371
<TOTAL-REVENUES> 79,371
<CGS> 71,094
<TOTAL-COSTS> 74,857
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 529
<INCOME-PRETAX> 4,567
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
Financial Services Segment
</LEGEND>
<CIK> 0000037996
<NAME> FORD MOTOR COMPANY
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<CASH> 2,042
<SECURITIES> 6,328
<RECEIVABLES> 124,832
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 145,738
<CURRENT-LIABILITIES> 0
<BONDS> 119,056
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 15,425
<TOTAL-REVENUES> 15,425
<CGS> 0
<TOTAL-COSTS> 13,450
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 1,153
<INTEREST-EXPENSE> 5,040
<INCOME-PRETAX> 2,003
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> CT
<LEGEND>
conglomerate totals
</LEGEND>
<CIK> 0000037996
<NAME> FORD MOTOR COMPANY
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<TOTAL-ASSETS> 214,819
<COMMON> 1,018
0
0
<OTHER-SE> 18,967
<TOTAL-LIABILITY-AND-EQUITY> 214,819
<TOTAL-REVENUES> 94,796
<INCOME-TAX> 2,723
<INCOME-CONTINUING> 3,739
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,739
<EPS-PRIMARY> 3.50
<EPS-DILUTED> 3.13
</TABLE>
