Ford Motor Co. today reported a third-quarter loss of $129 million and said it must eliminate more salaried positions and cut other operations to keep its restructuring plan on track as automobile sales continue to decline.
The Dearborn automaker said it will cut 10 percent of its North American salaried payroll -- that's on top of the 15 percent cut in white-collar jobs it announced earlier this year.
Ford, which burned through $7.7 billion in cash, lost 6 cents per share in the third quarter, compared with a loss of 19 cents per share a year ago. That was largely due to a one-time favorable gain of $2 billion stemming from writing off the costs of retiree health care being shifted to a trust to be run by the United Auto Workers. Excluding special items, Ford lost $1.31 a share, worse than Wall Street expected. Analysts surveyed by Thomson Reuters predicted a loss of 94 cents per share.
2008 SEMA Auto Show Photo Gallery
AutoSpies.com is ranked number one on Google for SEMA photos and coverage
Read Article