Ford announces US$129m 3Q loss

Source: Manufacturing Digital

Date :11/7/2008 11:03:15 AM

Ford Motor Co reported a US$129 million loss in the third quarter and told investors it would take aggressive actions to further cut costs as it faces a severe slump in demand.

The struggling US automaker posted a pretax loss of US$2.7 billion from continuing operations. But it was partly offset by a US$2 billion gain as the company shifted retiree health care liabilities to a trust run by the United Auto Workers.

Sales fell 22 percent to US$32.1 billion from US$41.1 billion due to lower volume and the sale of Jaguar and Land Rover.

Excluding special items, Ford lost US$1.31 per share, worse than Wall Street expected. Analysts surveyed by Thomson Reuters predicted a loss of 94 cents per share on sales of US$28 billion.

Ford said it lost six cents per share for the quarter, compared with a loss of US$380 million, or 19 cents per share, a year ago.