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Ford reports $2 billion loss

24 April 2009 17:06 (UTC +04:00)

Bakuâ€“ APA-Economics. Ford Motor Co. said Friday it lost $1.8 billion, or 75 cents a share in its first quarter, compared to net income of $477 million, or 20 cents a share in the year-ago period, Marketwatch reported.
The auto maker’s after-tax loss amounted to 60 cents a share in the latest period. Revenue of $24.8 billion, down from $39.2 billion. Analysts expected a loss of $1.19 a share on revenue of $21.8 billion, according to a survey by FactSet Research.
Ford finished the first quarter with $21.3 billion in automotive gross cash and reiterated that it does not expect to seek a bridge loan from the U.S. government. Meanwhile, Ford Motor Credit lost $13 million in the first quarter, compared to net income of $24 million a year earlier. On a pre-tax basis, Ford Motor Credit reported a loss of $36 million in the first quarter, compared with earnings of $32 million in the previous year.