by Tom Krisher, AP - Nov 8, 2007
Ford Posts Loss of $380M for 3rd-Qtr, Including $1B Loss in North America
Ford Motor Co. posted a third-quarter loss of $380 million on Thursday, a vast improvement over its $5.2 billion loss a year earlier.
But it was a worse performance than its second-quarter profit of $750 million, its first profitable quarter in two years.
The overall net loss amounted to 19 cents per share for the July-September period in contrast to a net loss of $2.79 per share in the third quarter of last year.
Much of the loss was attributed to $350 million in special items, including an offer to exchange preferred securities and personnel reduction costs in Europe and with its Premier Automotive Group.
The struggling automaker also reported a $1 billion pretax loss on its home turf, North America, but that was an improvement over the $2.1 billion it lost in the year-ago period.
Ford also said it expects to sell its Jaguar and Land Rover units early next year, and it said it has completed a review of Volvo and plans to improve its financial performance.
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