Ford: $1.4 Billion Loss, But Beats Estimates

Ford Reports $1.4 Billion Loss Q1 – The New York Times

The Ford Motor Company said on Friday that it lost $1.4 billion in the first quarter and that it did not plan to seek federal aid even as its two domestic rivals faced the possibility of bankruptcy. Ford, the only Detroit automaker not being kept afloat by the government, said it had $21.3 billion in cash as of March 31, after going through $3.7 billion of its automotive cash reserves in the quarter. That is better than the $5.5 billion it used in the fourth quarter, even though sales were lower from January to March.

Statement: Alan Mulally, Ford CEO

“Our results in the first quarter reflected the extremely difficult business environment and weak demand for autos around the world,” said Ford President and CEO Alan Mulally. “Despite the challenges, Ford made strong progress on our transformation plan by gaining share with strong new products, slowing operating-related cash outflows, reducing outstanding debt, lowering our structural costs and reaching new agreements with the UAW.”

The Daily Graphic: The Big Three’s Dashboard Indicators in the Red

Great graphic from the New York Times.  Go read the story, U.S. Moves to Overhaul Ailing Automakers.