NewsFord Motor 1Q losses narrow down
04/26/07 - newratings.com
NEW YORK, April 26 (newratings.com) – US automobile giant Ford Motor Co (F) Thursday announced that its restructuring efforts had started bearing fruit, and that its first-quarter losses had narrowed.
Ford Motor, which has been running into losses for nine consecutive quarters, said its losses in the three months ended March fell to $282 million, or $0.15 per share, from $1.4 billion, $0.76 per share, in the year-ago quarter. The company’s revenues rose to $43 billion in the first quarter, from $40.8 billion in the same period a year earlier. The automobile giant is currently implementing a turnaround plan that involves the closure of 16 plants and cutting up to 45,000 jobs in North America.
Ford Motor reported its earnings from continuing operations for the latest quarter at $171 million, or $0.09 per share, down from $223 million, or $0.12 per share, in the year-ago period. The company’s core automotive operations incurred losses of $225 million, before taxes and excluding special charges, while the financial services arm recorded profits of $294 million. Ford Motor said its total cost savings amounted to $500 million in the January-March period, of which $400 million came from its North American operations.