FORD MOTOR CO. $12 (New York symbol F; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 3.8 billion; Market cap: $45.6 billion; Price-to-sales ratio: 0.4; Dividend yield: 1.7%; TSINetwork Rating: Extra Risk; www.ford.com) is the second-biggest carmaker in the U.S., and the world’s fifth-largest.
The company continues to benefit from its restructuring plan, which it implemented in 2005 to deal with its falling sales and market share. In the years since, Ford has sold its Jaguar and Land Rover luxury car divisions, closed factories and laid off workers.
In 2011, the company sold 5.7 million vehicles, up 7.2% from 5.3 million in 2010. Sales rose 11.3% in North America, 7.5% in Asia, 3.5% in South America and 1.8% in Europe. Ford now accounts for 16.5% of all car sales in the U.S., up from 16.4% in 2010. It also has 8.3% of the European market, down from 8.4% in 2010.
Revenue rose 12.7% in 2011, to $136.3 billion from $120.9 billion in 2010. Earnings jumped 208.1%, to $20.2 billion, or $4.94 a share. However, that’s mainly due to an $11.5-billion tax benefit. The company earned $6.6 billion, or $1.66 a share, in 2010.
Ford plans to invest some of its rising profits in the 15 new models that it plans to introduce over the next few years. That will help it increase its market share in fast-growing countries like China, India and Thailand. As well, a new joint venture with Sollers, Russia’s second-largest carmaker, should increase Ford’s sales in that country.
The company will probably earn $1.48 a share in 2012. The stock trades at 8.1 times that forecast. Ford also recently resumed paying dividends. The annual rate of $0.20 a share yields 1.7%.
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