The Ford Motor Company had a first-quarter loss of USD800 million as its US vehicle...
The Ford Motor Company had a first-quarter loss of $800 million as its US vehicle sales declined and the world's second largest automaker wrote down the value of some businesses.
The loss was 45 cents a share, compared with year earlier net income of $1.06 billion, or 56 cents per share, the company said. Sales slid by 6.1 percent to $39.9 billion from $42.5 billion. Ford had $708 million in expenses to write down the value of goodwill for KwikFit, a UK repair business, and some other investments.
The loss marks William Clay Ford Junior's first full quarter as both chairman and chief executive officer, after previous CEO Jacques Nasser was ousted in October. Ford is cutting factories and jobs to recover from a $5.45 billion loss last year. The company's US vehicle sales fell by twelve percent, the biggest decline among the six largest automakers, and worldwide sales slipped by seven percent.
The recovery plan is taking hold and the automaker is ?on schedule to meet or surpass? its financial goals, the CEO said in a statement. Ford has said previously that it expects to break even this year, excluding certain expenses.