DEARBOURN, Michigan: Ford Motor Company has restated its financial results for the years 2001-2005, according to a filing this week with the US Securities and Exchange Commission.
The revised results take account of interest rate derivatives used to hedge longer-term debt and add around $850 million (€663.44m; £448.64m) to net income in the period through Q3 2006.
For 2002, a loss of $1 billion becomes a profit of $900 million, although originally reported net income for 2003, 2004 and 2005 has been reduced by $300m, $500m and $600m, respectively. The restated net income for those years is $200m, $3 billion and $1.4bn.
For the nine months to September 30, the auto giant posted an improvement of $250 million, reducing its overall loss to $7 billion.
Opines haruspex Kevin Tynan at Argus Research: "It's a company that is struggling and those numbers indicate it. The headline number is a positive, but if you look at recent years, they were not as good as originally reported."
Ford cfo Don Leclair told analysts and reporters that its North American operations should be profitable in 2009, although cost-reduction efforts would continue beyond that year. "That is a way of life for us," he said.
Data sourced from Sydney Morning Herald and Reuters; additional content by WARC staff