May 7, 2009

Ford Beats GM in 1Q09 Worldwide Revenues (Excl. Special Items); Updates: AFA Boycott’s Impact, UAW Dissension

For the first time in over 80 years, the Ford Motor Company has beaten General Motors in worldwide revenues (excluding special items).

In the first quarter of 2009, GM’s top line was $22.4 billion:

GM1Q09topInfo.jpg

Ford’s was $24.8 billion (from a PDF obtainable at this link — see “Full Financial Release”; a larger JPG with more data is here):

FordCapsule1Q09

“Somehow,” the Associated Press missed it (as of 9:24 a.m.; that version is saved here in case AP updates). So did the New York Times. Yours truly didn’t.

How’s that bailout de facto nationalization going, Barry?

____________________________________________________

UPDATE: Actually, Ford was pretty close to GM in the fourth quarter of last year. GM’s 4Q08 top line was $30.4 billion; Ford’s was $29.2 bil. Ford went from being 4% behind GM to 11% ahead of it — in one quarter. Wow.

UPDATE 2: It will never happen, but Ford management should send a thank-you card to Don Wildmon and the American Family Association. The AFA’s two-year boycott that ended in early 2008 probably cost the company at least $1 billion in operating profit. But ultimately it appears to have shaken the company out of its political-correctness distractions into concentrating on its business. Maybe additional cards should go to the vast majority of the 463 commenters at my Pajamas Media column in January 2008 (comment posting was shut down, or the comment count could easily have gone to 1,000 or more) who let the company know in no uncertain terms that its PC obsessions were alienating many long-time loyal customers.

Ford was probably in a worse position than GM in early 2008. But by late 2008, as noted, it nearly caught its bigger rival, putting it in a position to leapfrog it during the most recent quarter. I wonder why?

UPDATE 2A: Further perspective from the above — A year ago, Ford trailed before special items by 7.6%, so there was already some ground-gaining on GM that took place in the 2nd and 3rd quarters of 2008. What was done during that time was perceived pretty favorably by the financial press. So how does a 4% or so improvement against its rival get ink, and a 15% swing in one quarter (from behind 4% to ahead by 11%) get the (so far) silent treatment?

UPDATE 3: Internal UAW politics, anyone? –

United Auto Workers Vice President Bob King criticized General Motors Corp (GM.N: Quote, Profile, Research) on Wednesday for a restructuring that would eliminate more than 20,000 union factory jobs while adding production overseas.

King, the union’s vice president overseeing Ford Motor Co (F.N: Quote, Profile, Research), lauded that automaker for a truck plant conversion plan that would save some jobs in Michigan, while questioning the restructuring of rivals to Ford that he did not name.

….. “Across the country, (Ford Executive Chairman) Bill Ford and (Chief Executive) Alan Mulally are committed to manufacturing in the United States of America,” King said in a news conference announcing the plant conversion.

King, seen as a potential successor when UAW President Ron Gettelfinger retires in 2010 at the conclusion of his current term, questioned the commitments of other automakers.

“There are some companies that want to sell cars here that they are not going to build here,” King said. “There are some restructuring plans that are saying they want to take the jobs out of America and they want to build (cars) in China and Korea and Mexico rather than building them in the United States of America.”

It would appear that King has the inside track to succeed Ron “Give American the Finger” Gettelfinger. King’s distinct advantage is that he is involved with a company that we can be pretty sure will still be around at the end of the year.

UPDATE 4: From Ed Morrissey at Hot Air

Ford wasn’t all that far behind GM last year, but the marketplace has shifted in Ford’s favor.  While a number of factors may play into that, could buyers have more confidence in Ford and its staying power for having opted out of the bailout?  And could this also be a signal from consumers that they will punish GM and potentially Chrysler as well for taking taxpayer money, especially since bankruptcy will occur anyway?

Based on what we’ve seen since the bailouts began, it would seem that the answer is, “Enough of them to matter already have, and more will.”

Share

3 Comments

  1. [...] Oddly, the New York Times and the AP neglected to mention this rather notable occurance, but BizzyBlog did the work that American journalists apparently won’t — research.  For the first [...]

    Pingback by Hot Air » Blog Archive » Shocker: Ford beats Government Motors in Q1 — May 7, 2009 @ 12:16 pm

  2. in a global market is it time to buy American (quality)?

    Comment by William Schmidgall — May 7, 2009 @ 12:38 pm

  3. [...] Bizzy Blog reveals that:For the first time in over 80 years, the Ford Motor Company has beaten General Motors in worldwide revenues (excluding special items). In the first quarter of 2009, GMs top line was $22.4 billion…Fords was $24.8 billionBizzy Blog links to Ed Morrisey at Hot Air who notes that:Ford wasnt all that far behind GM last year, but the marketplace has shifted in Fords favor. While a number of factors may play into that, could buyers have more confidence in Ford and its staying power for having opted out of the bailout? And could this also be a signal from consumers that they will punish GM and potentially Chrysler as well for taking taxpayer money, especially since bankruptcy will occur anyway? The way to stop the government from bailing out companies that should be forced into bankruptcy court, is to not buy their products. I sure wouldn’t buy GM or Chrysler, no matter what incentives they offered me. Ford, I might consider. Posted by: Pat on May 11, 09 | 3:26 pm | [0] comments [0] Views | Permalink | [0] TrackBack | Go to Main Page Random Posts John Edwards has a hint of a clue on heath care Waterboarding is good for America Sarah Palin’s ANWR letter to Harry Reid var site=”sm6blogger” Judicious Asininity >>www.asininity.com 2004PHP [...]

    Pingback by Judicious Asininity — May 11, 2009 @ 3:44 pm

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.