Ford 2014 Annual Report Download - page 46

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
2014 Compared with 2013
Total Automotive. The following two charts detail the key metrics and the change in 2014 pre-tax results compared
with 2013 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 was about equal to a year ago. Automotive sector revenue was lower
than a year ago by 3%, more than explained by lower volume from consolidated operations and unfavorable exchange.
Operating margin, at 3.9%, and pre-tax profit, at $4.5 billion, were also lower.
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