Ford Reports $8.7 Billion Net Loss For Second Quarter 2008, Including Pre-Tax Special Charges of...

yahoo.com     Jul 24, 2008            

Thursday July 24, 7:00 am ET DEARBORN, Mich., July 24 /PRNewswire-FirstCall/ -- -- Net loss of $8.7 billion, or $3.88 a share, for the second quarter of 2008. -- Pre-tax special charges of $8 billion, including impairments of $5.3 billion for Ford North America long-lived assets and $2.1 billion for Ford Motor Credit Company's operating lease portfolio. -- Pre-tax loss of $1 billion from continuing operations, excluding special items.++ -- Cost reductions of $1 billion, including over $600 million in North America (at constant volume, mix and exchange; excluding special items). The company remains on track to reach $5 billion in annual cost reductions in North America by the end of 2008 compared with 2005. -- Strong profitability from Ford Europe and Ford South America. -- Automotive gross cash at June 30 of $26.6 billion... [read full story]                    

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