After Ford missed annual revenue estimates by a nickel, CEO Alan Mulally on Friday sounded confident that the company was well on the road to stronger profitability by mid-decade.
“I think that we have a great plan in the United States and Europe and also a tremendous growth plan in Asia-Pacific that’s just coming on line now,” he said. “We’ve shared all the elements of that plan.”
Mulally said Ford was planning to offer “a full family of best-in-class vehicles,” which will be based on fewer platforms and will use 60 to 70 percent of similar plans in an effort to cut costs in its global operations.
“That, with our supply base, absolutely we have the room to deliver on that expansion,” he said on “Fast Money.”
Mulally dismissed the notion that Ford had hit a plateau.
Ford announced pre-tax operating profit of $8.8 billion for 2011, making it the company’s most profitable year since 1999. Headwinds included a weak European economy, which accounted for a $190 million loss; rising commodity costs, $2.3 billion higher; and a slight decline it its operating margin.
Mulally acknowledged the challenges and said the company was shifting its approach to deal with them.
“Clearly we’ve continued to restructure our business, our foreign business in Europe for a number of years now. Up until this year, we’ve been profitable for eight years,” he said. “Of course with the slowdown going so fast, it hurt us in the fourth quarter and the year. But based on our restructuring and the business itself — plus the new products, on the revenue side, we have a number of new global platforms coming in, which people are really going to want.”
Ford shares declined 4.16 percent to close at $12.21.
Got something to to say? Send us an e-mail at email@example.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment, but not have it published on our Web site, send those e-mails to .
Trader disclosure: On Jan. 27, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Grasso owns ASTM; Grasso owns AVAV; Grasso owns BA; Grasso owns D; Grasso owns LIT; Grasso owns MHY; Grasso owns PFE; Grasso owns PRST; Grasso owns S; Grasso owns WFT; Grasso owns XLU; Karabell is long HON; Karabell is long CAT; Karabell is long QCOM; Karabell is long BIDU; Karabell is long VMU; Karabell is short JCP; Karabell is short XLF
For Steve Grasso
Stuart Frankel & Co and it’s partners own CSCO
Stuart Frankel & Co and it’s partners own CUBA
Stuart Frankel & Co and it’s partners own GERN
Stuart Frankel & Co and it’s partners own HPQ
Stuart Frankel & Co and it’s partners own HSPO
Stuart Frankel & Co and it’s partners own MU
Stuart Frankel & Co and it’s partners own NYX
Stuart Frankel & Co and it’s partners own PRST
Stuart Frankel & Co and it’s partners own WFT
Stuart Frankel & Co and it’s partners own XRX
For Patty Edwards
Trutina Financial is long GLD
Trutina Financial is long PGM
Trutina Financial is long INTC
Trutina Financial is long T
Trutina Financial is long SBUX
Trutina Financial is long NOV
Trutina Financial is long SBUX
For Adam Jonas
(F) The following analysts hereby certify that their views about the companies and their securities discussed in this report are accurately expressed and that they have not received and will not receive direct or indirect compensation in exchange for expressing specific recommendations or views in this report: Adam Jonas.
For Jim Mccluney
For Willie Williams
For Jeff Klinefelter
A Piper Jaffray officer, director, or employee (other than a research analyst who follows J. C. Penney Company, Inc.), is an officer and/or director of J. C. Penney Company, Inc.
Piper Jaffray beneficially owns 1% or more of a class of common equity securities of J. C. Penney Company, Inc.
Piper Jaffray usually provides bids and offers for the securities of J. C. Penney Company, Inc. and will, from time to time, buy and sell J. C. Penney Company, Inc. securities on a principal basis.
For Dan Dicker
Dicker is long RIG
For Dennis Gartman
Gartman is long gold
For Anthony Scaramucci
Scaramucci is long C
Scaramucci is long BAC
Scaramucci is long GD
Scaramucci is long BDX
SkyBridge Capital Is A Fund Of Funds Manager
Anthony Scaramucci is one of 8 national finance chairs for Mitt Romney campaign
Held a fundraiser for Mitt Romney
Has contributed to the Romney campaign
CNBC.com with wires.