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Archive for Friday, April 27, 2007

Ford’s 1Q loss narrows to $282M, revenue up

April 27, 2007

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— At $282 million, Ford Motor Co.'s first-quarter loss was much improved from the $1.4 billion in red ink it posted during the same quarter last year.

Company officials touted the results as a sign that its restructuring plans were taking hold, but Ford still is struggling to make money on its core business: selling cars and trucks in North America.

The first-quarter loss, announced Thursday, was Ford's seventh consecutive negative quarter, but the automaker said the smaller deficit reflected its efforts aimed at cutting costs and rolling out new products to compete with Asian automakers.

Ford's revenue rose 5 percent, its loss excluding special items was smaller than Wall Street expected and its shares rose more than 4 percent on the New York Stock Exchange.

Ford's new vehicle sales in the United States fell more than 13 percent for the quarter and its market share dropped from 17.2 percent in the first quarter of 2006 to 15.1 percent.

Ford CEO Alan Mulally grew up in Lawrence, Kan.

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