Ford Loses $1.2B As Restructuring Begins
4/21/06, 08:17 AM
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I wasn't sure were to put this, so mod's feel free to move it.
<div class='quotetop'>QUOTE</div><div class='quotemain'>DEARBORN, Mich. - Ford Motor Co. said Friday it lost $1.2 billion in the first quarter, its worst performance in more than four years, as revenues fell and the nation's second-biggest automaker started a massive and costly North American restructuring effort.[/b][/quote]
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<div class='quotetop'>QUOTE</div><div class='quotemain'>DEARBORN, Mich. - Ford Motor Co. said Friday it lost $1.2 billion in the first quarter, its worst performance in more than four years, as revenues fell and the nation's second-biggest automaker started a massive and costly North American restructuring effort.[/b][/quote]
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4/21/06, 08:30 AM
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Here's more from USA Today:
"While the bulk of that loss is from restructuring charges — Ford is taking a $1.7 billion charge to deal with the 14 plant closures and 30,000 job cuts it announced in January — automotive operations faired poorly as well.
Ford Motor Credit, the company's financial services arm, earned by far the most money for the company, posting net income of $479 million. Yet even those earnings were down from a year ago, when the credit arm earned $710 million."
Kind of scary, but they've been through this before. And with the new products selling well, especially the Fusion/Milan/Zephyr and the positive feedback on the Edge, I expect they'll recover a lot of those restructuring costs in a couple of years. As stated by several people on these forums, Ford is still a LOT better off than GM, although still behind Daimler-Chrysler.
"While the bulk of that loss is from restructuring charges — Ford is taking a $1.7 billion charge to deal with the 14 plant closures and 30,000 job cuts it announced in January — automotive operations faired poorly as well.
Ford Motor Credit, the company's financial services arm, earned by far the most money for the company, posting net income of $479 million. Yet even those earnings were down from a year ago, when the credit arm earned $710 million."
Kind of scary, but they've been through this before. And with the new products selling well, especially the Fusion/Milan/Zephyr and the positive feedback on the Edge, I expect they'll recover a lot of those restructuring costs in a couple of years. As stated by several people on these forums, Ford is still a LOT better off than GM, although still behind Daimler-Chrysler.
4/21/06, 09:16 PM
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"Ford Loses $1.2B As Restructuring Begins"
Did they check under the matress and between couch cushions?
I'm (obviously) not worried. I'm counting on death to save me before America collapses/ the Earth explodes/ ice caps melt.
Did they check under the matress and between couch cushions?
I'm (obviously) not worried. I'm counting on death to save me before America collapses/ the Earth explodes/ ice caps melt.
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