- November 11, 2008
$129 million loss in Q3: Ford to cut 2,260 more jobs
Ford Motor Co. reported $129 million loss in the Q3 as the company burned through $7.7 billion in cash.
The automaker announces that it will lay off 2,260 more white-collar jobs in North America as the company is struggling to weather the most intense economic downturn.
The company lost 6 cents per share for the quarter and it was 19 cent per share ($380 million) a year back.
The company has also posted a $2.7 billion pretax loss from continuing operations, but the company shifted retiree health care liabilities to a trust and thus gained a $2 billion gain.
Ford’s global automotive operations showed a $2.9 billion pretax loss for the quarter, while it was $362 million a year back.
Sales dropped to 32.1 billion from $41.1 billion mainly because of lower volume and decreasing sales of land Rover and Jaguar.
This $1.31 per share loss is worse than Wall Street expecting. Thomason Reuters’ survey predicted 94 cents per share loss on $28 billion sales.
Ford said that it was the company’s worst three-month performance than in the second quarter, when the company lost around $8.7 billion.
The cash burn was quite higher than the $2.1 billion that Ford used in the second quarter.