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Ford loses $2.7B in Q4, $2.8B in 2007, U.S. outlook grim

DEARBORN, Mich. — Ford said Thursday that it lost $2.8 billion in the fourth quarter and $2.7 billion for the year as gains in worldwide markets outside the United States were dragged down by continued weakness in North America, according to the Associated Press.

Ford President and Chief Executive Alan Mulally said the company's operations are improving but the outlook for U.S. sales in 2008 is grim.

Mulally said the company will be adjusting production and making further cost cuts in North America, including a new round of buyouts for its 54,000 U.S. hourly workers.

Details of the buyout program were expected later Thursday.

Ford lost $1.30 a share in the fourth quarter, narrower than a loss of $5.6 billion, or $2.98 a share, in 2006. The full-year results, which resulted in a loss of $1.35 a share, were significantly better than 2006, when Ford lost $12.6 billion, or $6.72 a share.

Posted by Peter C. T. Elsworth  at 9:40 AM to Ford | Permalink

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