Post by unlawflcombatnt on Jul 25, 2007 14:58:18 GMT -6
The American auto industry continues sinking still deeper into recession. The latest information on Ford can be seen in the excerpts below from the Reuters article titled
Ford seen posting eighth straight quarterly loss
Jul 25, 2007
By Poornima Gupta
"(Reuters) - Ford Motor Co. (F.N: Quote, Profile, Research) is expected to post its eighth straight quarterly loss on Thursday as investors focus on signs of progress in the automaker's turnaround and its sale of luxury brands, analysts said.
Ford, which lost $12.6 billion last year and another $282 million during the first quarter, is in the midst of executing a cost-cutting plan that will reduce jobs by nearly 40,000 through buyouts and plant closings.
About 27,000 of the automaker's union workers who accepted buyouts have already the left the company....
Wall Street forecasts for Ford's second-quarter loss range from 15 cents to 74 cents per share, excluding items, according to Reuters Estimates.
The average estimate, based on the forecasts of 13 analysts, was for a loss of 40 cents per share. In the same period last year, Ford posted a revised loss of 6 cents per share. Ford stopped providing earnings forecasts last year....
Deutsche Bank Securities analyst Rod Lache said he expected that Ford's North American auto business lost $1.8 billion before taxes during the second quarter as sales slowed and it discounted more heavily in showrooms....
Ford's U.S. sales fell 9 percent during the second quarter as the automaker moved away from low-margin sales to car rental operators....
On Wednesday, the shares were down 3.03 percent, or 25 cents, at $8.01 in late afternoon trading on the New York Stock Exchange."
Ford seen posting eighth straight quarterly loss
Jul 25, 2007
By Poornima Gupta
"(Reuters) - Ford Motor Co. (F.N: Quote, Profile, Research) is expected to post its eighth straight quarterly loss on Thursday as investors focus on signs of progress in the automaker's turnaround and its sale of luxury brands, analysts said.
Ford, which lost $12.6 billion last year and another $282 million during the first quarter, is in the midst of executing a cost-cutting plan that will reduce jobs by nearly 40,000 through buyouts and plant closings.
About 27,000 of the automaker's union workers who accepted buyouts have already the left the company....
Wall Street forecasts for Ford's second-quarter loss range from 15 cents to 74 cents per share, excluding items, according to Reuters Estimates.
The average estimate, based on the forecasts of 13 analysts, was for a loss of 40 cents per share. In the same period last year, Ford posted a revised loss of 6 cents per share. Ford stopped providing earnings forecasts last year....
Deutsche Bank Securities analyst Rod Lache said he expected that Ford's North American auto business lost $1.8 billion before taxes during the second quarter as sales slowed and it discounted more heavily in showrooms....
Ford's U.S. sales fell 9 percent during the second quarter as the automaker moved away from low-margin sales to car rental operators....
On Wednesday, the shares were down 3.03 percent, or 25 cents, at $8.01 in late afternoon trading on the New York Stock Exchange."