Ford 2012 Annual Report Download - page 32
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30 Ford Motor Company | 2012 Annual Report
Management's Discussion and Analysis of Financial Condition and Results of Operations
Ford South America Segment. The charts below detail key metrics and the change in 2011 pre-tax operating profit
compared with 2010 by causal factor.
As shown above, full-year wholesales and revenue increased compared with a year ago, while operating margin
declined.
Ford South America reported a pre-tax operating profit of $861 million, compared with a profit of $1 billion a year ago.
The decline in earnings is more than explained by higher structural costs (driven primarily by local inflation), higher
contribution costs (more than explained by commodity costs), and unfavorable exchange, offset partially by favorable net
pricing and volume and mix.