Filed under: Ford, Earnings/Financials Ford Motor Company this morning announced a third quarter loss of $129 million and pre-tax loss of $2.7 billion if we're not counting special items like $2 billion in savings from shifting responsibility for retiree health care to the UAW-run VEBA account. Ford, however, says it remains on track with its turnaround plan and has $18.9 billion in cash on hand, lines of credit worth $10.7 billion and overall liquidity of $29.6 billion. Nevertheless, the Dearborn-based automaker is planning more white-collar job cuts to the tune of 10%. More money will be saved by combining its engineering and product development globally, as well as slowing production, investment in information technology and advertising costs. Ford also said it will "continue to explore divestitures of non-core assests...", which we take to mean that Volvo and its stake in Mazda are not off limits. Ford also said that nearly all of its planned product programs are going forward, except for large vehicles in declining segments and a few other select projects (we'll trying to find out which ones). The wish of many for more European Fords is safe, however, with the automaker reiterating its commitment to bring six European small Fords to the U.S. Though Ford's North American operations accounted for the bulk of its Q3 loss, every other region recorded a profit while Ford's stake in Mazda cost the automaker $1 million and Volvo lost $458 million. Stay tuned, as GM will be announcing its Q3 results and "important changes" at 11AM EST. [Source: Ford]Continue reading Ford announces $129 million Q3 loss, more production and job cuts on the way Ford announces $129 million Q3 loss, more production and job cuts on the way originally appeared on Autoblog on Fri, 07 Nov 2008 08:57:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments More...
