Ford takes toughest quarterly loss ever
Ford Motor Co. had a tough quarter. The auto-maker lost $8.67 billion, making the second quarter of 2008 the worst quarter in the history of the firm’s existence.
The vast majority of this loss comes from $8 billion in write-offs associated with plants but even ignoring the write-offs Ford missed expectations by a long shot. Analysts expected Ford to lose 27 cents per share. The actual loss was more than twice that, 62 cents per share.
Execs tried to soften the blow by touting plans to cut costs and revamp manufacturing plants in response to high oil prices, but markets have punished the company. Shares are trading down over 16 percent in the early afternoon.
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