Ford 2014 Annual Report Download - page 51

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
South America Segment. The following two charts detail the key metrics and the change in 2014 pre-tax results
compared with 2013 by causal factor.
In South America, we are continuing to execute our strategy of expanding our product line-up, including replacing
legacy products with global One Ford offerings. We also are continuing to manage the effects of slowing GDP growth,
lower industry volumes in our larger markets, weaker currencies, high inflation, as well as policy uncertainty in some
countries.
As shown above, full-year wholesale volume and revenue deteriorated from a year ago by 14% and 19%,
respectively. Operating margin was negative 13.2%, and the pre-tax loss was $1.2 billion, both deteriorated from a year
ago. The deterioration in all metrics was driven by unfavorable changes in the external factors mentioned above.
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