Ford posts $380 million loss

Source: Manufacturing Digital

Date :08/11/2007 14:09:53

Ford Motor posted a third-quarter loss of $380 million Thursday beating Wall Street expectations and far succeeding its $5.2 million loss a year ago.

On a per share basis, the loss was 19 cents per share compared to $2.79 per share.

Much of the loss was attributed to $350 million in special items, including personnel reduction costs in Europe and with its Premier Automotive Group, and an offer to exchange preferred securities.

Completing review

Meanwhile, revenue was up 10.7 percent to $41.1 billion, up from $37.1 billion a year ago, reflecting higher net pricing, changes in currency exchange rates, and improved product mix, the automaker said.

Ford North America reported a loss of $1 billion, before taxes, compared to a loss of $2.1 billion a year ago. Revenue was $16.5 billion, up from $15.4 billion for the same period a year ago.

Ford said it expects to sell its Jaguar and Land Rover units early next year, and it has completed a review of Volvo and plans to improve its financial performance.

Without special items, the company lost $24 million, or 1 cent per share, for the quarter. Analysts expected the company to lose 46 cents per share.

November 8 2007