Ford Records 5.8 Billion Loss
October 23, 2006
Sirius is the exclusive satellite radio partner of Ford, which similar to GM earlier this year is in the midst of some restructuring.
Article Excerpt:
AP
Ford Reports $5.8 Billion 3Q Loss
Monday October 23, 8:23 am ET By Tom Krisher, AP Business Writer
Ford Loss Widens to $5.8 Billion in 3Q, Plans to Restate Results Since 2001
DEARBORN, Mich. (AP) -- Ford Motor Co. said Monday its loss widened to $5.8 billion in the third quarter, weighed down by the costs of its massive restructuring plan aimed at reshaping the company and cutting expenses so it can compete better against lower-cost rivals from overseas.
Ford's new Chief Executive, Alan Mulally, called the latest results "clearly unacceptable." It was the largest quarterly loss for the nation's second biggest automaker in more than 13 years.
Ford also said it plans to restate its earnings for 2001 due to accounting errors involving derivative transactions. The restatement is expected to affect financial results from 2001 until the third quarter of this year.
The company expected the restatement would improve results for 2002, but said other periods are under study........Interested SSG readers can catch the whole article HERE10/23/2006 08:59:00 AM
SSG Has Merged. You Can Read All Of The Latest SSG Content By Clicking Here
0 Comments:
SSG is not a Financial Advisor. Read Disclosure: HERE
--------------------------------------------------------
