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Ford's Q1 loss better than expected
Filed under: Ford, Earnings/Financials
On slightly higher revenue, and with cost-cutting moves well underway, Ford Motor Co. posted a much smaller loss in Q1 of 2007 than for the same period in 2006. This year's net loss was a still-substantial $282 million, but compared with a loss of $1.4 billion last year, it seems like a drop in the bucket.
Besides the turnaround plan that is going to result in 16 plant closures and 45,000 job cuts (18,000 pink slips issued already), Ford said better results from its European and luxury vehicle operations helped improve the overall numbers. Ford of Europe had a pretax profit of $219 million, while the Premier Automotive Group had a record pretax profit of $402 million, partly due to the sale of Aston Martin. It also appears that Q2 might be better than expected, as Ford has raised their sales forecast 5 percent to 810,000 vehicles.
Follow the jump for more, including the full press release from Ford.
[Source: Ford, Automotive News - sub. req'd]Continue reading Ford's Q1 loss better than expected
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On slightly higher revenue, and with cost-cutting moves well underway, Ford Motor Co. posted a much smaller loss in Q1 of 2007 than for the same period in 2006. This year's net loss was a still-substantial $282 million, but compared with a loss of $1.4 billion last year, it seems like a drop in the bucket. Besides the turnaround plan that is going to result in 16 plant closures and 45,000 job cuts (18,000 pink slips issued already), Ford said better results from its European and luxury vehicle operations helped improve the overall numbers. Ford of Europe had a pretax profit of $219 million, while the Premier Automotive Group had a record pretax profit of $402 million, partly due to the sale of Aston Martin. It also appears that Q2 might be better than expected, as Ford has raised their sales forecast 5 percent to 810,000 vehicles.
Follow the jump for more, including the full press release from Ford.
[Source: Ford, Automotive News - sub. req'd]Continue reading Ford's Q1 loss better than expected
Read | Permalink | Email this | Comments
More...
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