07-22-2006, 06:23 AM
Ford Loses $123 Million
The Daily Auto Insider
Friday, July 21, 2006
July 2006
Ford reported a net loss in the second quarter of 2006 of $123 million compared with net income of $946 million in the year-earlier period, The Wall Street Journal reported.
The loss was attributed to the costs of shedding personnel as part of its restructuring plan, and high gasoline prices sapping demand for Ford's trucks and sport-utility vehicles.
Ford's revenue for the period fell by 5.8% to $41.97 billion, compared with $44.55 billion last hear. In North America, revenue fell to $19.2 billion from $19.9 billion. Automotive revenue was $37.75 billion, down from $38.69 billion.
Ford's North American operations posted a pre-tax loss of $797 million, down from $907 million. The company said that the reduced loss is explained by cost reductions in most areas of its business.
"We've seen an improvement in North America results in the second quarter, but the external factors we face aren't going to get any easier," said Ford Chairman and Chief Executive Bill Ford.
The Daily Auto Insider
Friday, July 21, 2006
July 2006
Ford reported a net loss in the second quarter of 2006 of $123 million compared with net income of $946 million in the year-earlier period, The Wall Street Journal reported.
The loss was attributed to the costs of shedding personnel as part of its restructuring plan, and high gasoline prices sapping demand for Ford's trucks and sport-utility vehicles.
Ford's revenue for the period fell by 5.8% to $41.97 billion, compared with $44.55 billion last hear. In North America, revenue fell to $19.2 billion from $19.9 billion. Automotive revenue was $37.75 billion, down from $38.69 billion.
Ford's North American operations posted a pre-tax loss of $797 million, down from $907 million. The company said that the reduced loss is explained by cost reductions in most areas of its business.
"We've seen an improvement in North America results in the second quarter, but the external factors we face aren't going to get any easier," said Ford Chairman and Chief Executive Bill Ford.