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Ford Posts $1.4 Billion Loss In 1Q

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Apr 24, 2009 10:53 am US/Eastern

Ford Posts $1.4 Billion Loss In 1Q

Slows Money Burn Amid Restructuring

 CBS News Interactive: About Detroit's Big 3 Bailout

DEARBORN, Mich. (AP) ― Ford Motor Co. says it lost $1.4 billion in the first quarter, but it burned through less money as it continued to restructure without government aid during a severe auto sales downturn.

The nation's second-largest automaker said Friday that it spent $3.7 billion more than it took in during the quarter, but that's far less than the $7.2 billion the company burned through in the fourth quarter.

Ford lost 60 cents per share, compared with a gain of 3 cents per share a year ago. Excluding special items such as gains from the company's debt restructuring, the company lost 75 cents per share.

Analysts predicted a loss of $1.23 per share.

Revenue fell 37 percent to $24.8 billion, better than the $22 billion analysts expected with Ford's U.S. sales down 43 percent from last year.

(© 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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