Ford 2014 Annual Report Download - page 58

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
2013 Compared with 2012
Total Automotive. The following two charts detail the 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.
52