Ford loses $5.9 bn in last quarter of 2008January 30th, 2009 - 7:19 am ICT by IANS
New York, Jan 30 (DPA) US automotive concern Ford reported Thursday that it lost $5.9 billion in the final quarter of 2008, boosting the full-year losses to $14.6 billion.The quarterly loss amounts to $2.46 per share, and is nearly double the net loss of $2.8 billion in the year-earlier period. Excluding one-time costs, the loss for the fourth quarter was $3.3 billion, or $1.37 per share.
Ford again insisted it would not need the billions of dollars’ worth of emergency federal assistance for the car industry, in contrast to General Motors and Chrysler which took the emergency support earlier this month.
Still, the auto giant was burning through its cash reserves. It used $5.5 billion of reserves in the final quarter, leaving it with $13.4 billion on hand.
The carmaker said it would cut another 1,200 jobs in its finance unit, as it trims thousands of positions amid declining sales.
Sales plunged by one-third to $29.2 billion in the quarter, the company said. Full-year sales in 2008 came to $146.3 billion, down 15 percent. The carmaker sold 1.14 million vehicles worldwide in the quarter and 5.4 million for the year, down 18 percent from 2007 as buyers who had long been turning to foreign carmakers stayed away altogether amid a weaker economy that made it more difficult to secure loans.
Ford said it expects to return its operating results to the black by the year 2011, in keeping with its previous projections.
- Ford Q2 net income down - Jul 26, 2012
- Chrysler, Ford sales up in January - Feb 02, 2012
- BRIC revenues help push IBM profits - Apr 18, 2012
- Fiat sales take a hit in Europe - Jun 16, 2012
- Ford's net income stands at $20.2 bn in 2011 - Jan 28, 2012
- Fiat profit more than doubled in fourth quarter - Feb 03, 2012
- Ford shows a $1 billion profit - Nov 03, 2009
- Ford posts $20.2 bn net income - Jan 28, 2012
- Jaguar-Land Rover eyes booming China market - Jul 06, 2012
- Jobs turns loser Apple into a big winner - Oct 06, 2011
- Ford posts one-billion-dollar profit - Nov 03, 2009
- China's Q1 GDP growth slows - Apr 13, 2012
- Ford Q1 profit down 45 percent year on year - Apr 28, 2012
- Chrysler repays $5.1 billion in TARP loans - May 25, 2011
- US car sales plunge - Mar 04, 2009
Tags: billions of dollars, bn, car industry, carmaker, carmakers, cash reserves, chrysler, emergency support, federal assistance, finance unit, ford, fourth quarter, general motors, giant, last quarter, losses, million vehicles, quarterly loss, time costs, trims