Ford Reports $5.8 Billion in Losses
More evidence of the slowing economy.
FORD, the second-biggest US car maker, reported a $US5.8 billion ($7.6 billion) third-quarter loss as sales continued to slump and the costs of shedding jobs mounted in North America. Ford also said it would restate five years of earnings because of accounting changes.
The loss, Ford’s biggest in 14 years, widened from $US284 million in 2005’s third quarter, the company said. Excluding costs for asset write-downs and shedding jobs, the loss was $US1.2 billion, in line with analysts’ estimates.
The automaker is planning on returning to profitability in 2009. Automotive sales for Ford have fallen 8.6% this year. My guess is we’ll see more job losses at Ford in the not too distant future. But hey, the economy is doing grrreat!