Ford announces $129M 3Q loss, burns $7.7B in cash

[Amerigo Vespucci]

Source: Yahoo News

DEARBORN, Mich. – Ford Motor Co. said Friday it lost $129 million in the third quarter as the struggling automaker burned through $7.7 billion in cash.

The automaker also said it will cut about 2,260 more white-collar employees in North America as it tries to weather the worst economic downturn in decades.

Ford says it lost 6 cents per share for the quarter, compared with a loss of $380 million, or 19 cents per share, a year ago.

The company posted a pretax loss of $2.7 billion from continuing operations. But it was offset partly by a $2 billion gain as the company shifted retiree health care liabilities to a trust run by the United Auto Workers.

Read more: http://news.yahoo.com/s/ap/20081107/ap_on_bi_ge/earns_ford

[corkhead]

1. Ford Motor Company; The Detroit Lions of the auto industry.

[bulloney]

2. Same owner. Think it's by accident that they both suck right now?

This morning on WJR-Radio, some executive from Ford was spinning like a top. He kept alluding to the fact that they're not in as bad of shape as GM.

Titanic or Lusitania? You decide on which ship to board.

[tclambert]

5. And I think the son runs Ford, the father owns the Lions

William Clay Ford, Junior and Senior. I kinda like Junior. I think he was the one car company exec Michael Moore filmed changing his own oil. (Nope, my mistake. It was Alexander Trotman. Darn. (They say the memory is the first thing to go, and I can't remember what the second thing is.))

[tclambert]

4. Whoa, whoa, whoa. Nobody's as bad as the Lions

You'll know the End Times are near when the Lions make it into the Super Bowl, and the Chicago Cubs win the World Series.

[WriteDown]

6. I will argue that the Bungles are worse....

Oakland is in there somewhere too.

[tclambert]

7. The Lions' last championship was in 1957.

They've been "rebuilding" since then. It's a multi-generational rebuilding plan.

[Eugene]

3. Reuters: GM, Ford losses worse than expected, burning cash

Source: Reuters

GM, Ford losses worse than expected, burning cash
Fri Nov 7, 2008 2:54pm EST

By Kevin Krolicki and David Bailey

DETROIT (Reuters) - General Motors Corp and
Ford Motor Co reported far deeper-than-expected
quarterly losses on Friday and said their rate
of cash burn had accelerated, as an extended
slump in car sales raised questions about the
future of the U.S. auto industry.

Both companies said they would take aggressive
steps to cut their costs even further. The two
largest U.S. automakers reported third-quarter
results after the world's No. 1 automaker,
Toyota Motor Corp of Japan, slashed its profit
forecast for the year.

-snip-

GM also indicated it had set aside consideration
of an acquisition of smaller rival Chrysler --
without mentioning the company's name -- saying
it was focused on cost-cutting and other steps
to free up $20 billion in liquidity through 2009.

-snip-

Read more: http://www.reuters.com/article/ousiv/idUSTRE4A52V020081107

[AndyTiedye]

8. If Ford Had Put Their Hybrid Powerplant into More Vehicles, Things Would be Different

Ford has been building the Escape Hybrid since 2004.

It is the most fuel-efficient SUV on the market in the US.

Why haven't they put that fine hybrid powerplant into more
of their product line?

That *SUV* is still the most fuel-efficient American "car" on the market.