Ford 2013 Annual Report Download - page 22
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20 Ford Motor Company | 2013 Annual Report
Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
2013 Compared with 2012
Total Automotive. The charts below detail key metrics and the change in 2013 pre-tax results compared with 2012 by
causal factor. Automotive operating margin is defined as Automotive pre-tax results, excluding special items and Other
Automotive, divided by Automotive revenue.
As shown above, full-year wholesale volume and revenue for the Automotive sector were higher than a year ago by
12% and 10%, respectively. Operating margin, at 5.4%, and pre-tax profit, at $6.9 billion, were also higher. Higher pre-
tax profit primarily reflects favorable marketable factors across all regions, offset partially by higher costs, mainly
structural, and unfavorable exchange, principally in South America.