Ford reports preliminary first quarter 2007 financial results

Ford reports preliminary first quarter 2007 financial results  
Filed under:
News, Ford
on 04/26/2007

Source: Ford

Ford Motor Company today reported a net loss of 15 cents per share, or $282 million, for the first quarter of 2007. This compares with a net loss of 76 cents per share, or $1.4 billion, in the first quarter of 2006. Ford’s first-quarter loss from continuing operations, excluding special items, was 9 cents per share, or $171 million, compared with a profit of 12 cents per share, or $223 million, in the same period a year ago. Special items, which primarily reflected the impact of restructuring efforts, reduced pre-tax results by $113 million, or 6 cents per share, in the first quarter. Ford’s first-quarter revenue was $43 billion, up from $40.8 billion a year ago. The increase primarily reflected mix improvement and favorable currency exchange, partially offset by lower volume.

"We are making progress on executing the four priorities of our plan – restructuring the company, accelerating product development, funding our plan and working effectively as one team," said President and Chief Executive Officer Alan Mulally. "I am pleased that the basics of our business are improving, but we still have a lot of work to do.

"Our first quarter results came in somewhat stronger than expected, but there are many uncertainties going forward. We remain focused on improving our quality, productivity and business performance," Mulally added.

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