Ford posted a quarterly loss of $5.8 billion -- its largest loss in 14 years
"Ford Motor Co. on Monday posted a quarterly loss of $5.8 billion -- its largest loss in 14 years -- as slower truck sales, charges for job cuts and asset write-downs in its troubled North American operations and elsewhere took their toll on the No. 2 U.S. automaker.
Ford said it would restate results from 2001 through the second quarter and cautioned that operating results would weaken further in the current quarter.
Ford also said it was considering raising new funding secured by its automotive assets in order to protect its cash position as it pays the bill to close 16 plants and cut up to 45,000 jobs.
"These business results are clearly unacceptable," said Chief Executive Alan Mulally, who took over at Ford in early September.
Ford posted a net loss of $3.08 per share for the third quarter compared with a loss of $284 million, or 15 cents per share, a year earlier. That included a battery of charges that totaled $4.6 billion after taxes, or $2.46 per share."
All this from Ford when Toyota and Honda excel, signifies a weaker business model. It would take a total shift in strategy for Ford to ever be the Ford again!
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