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Ford post smaller loss, auto division still struggling

Ford posted a first-quarter net loss of $282 million, a vast improvement over the $1.4 billion it lost in the first quarter of 2006, according to the Associated Press. It was the company's seventh consecutive quarter of losses, but the automaker said the smaller deficit reflected its restructuring efforts aimed at cutting costs in the face of fierce competition from Asian automakers.

AP said that despite the improvement, Ford is still having trouble in its core business in North America, where the company said it had a pretax loss on automotive operations of $614 million for the quarter, wider than the $442 million it lost in the first quarter of last year. Ford also posted a pretax loss in its Asia Pacific and Africa operations, but it made a pretax profit in Europe and South America, and in its financial services sector.

Posted by   at 12:07 PM to Companies | Permalink

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