Ford loses $5.07 billion in 4th quarter; results narrowly beat Wall Street expectations
Thursday, January 17th 2002, 12:00 am
By: News On 6
DEARBORN, Mich. (AP) _ Ford Motor Co. posted a $5.07 billion loss for the fourth quarter of 2001, mostly because of heavy costs related to its recently announced restructuring plan.
For the full year, the world's second biggest automaker said Thursday it lost $5.45 billion, its first annual loss since 1992.
Ford's loss for the October-December quarter amounted to $2.81 a share. During the last three months of 2000, Ford earned $1.08 billion, or 57 cents a share.
But the quarterly results narrowly beat Wall Street expectations if one-time items are excluded from the comparison.
Those costs included $4.1 billion in restructuring costs and an additional $102 million in accounting charges.
Excluding those items, Ford's loss was $860 million, or 48 cents a share, for the October-December period.
The consensus forecast of analysts polled by Thomson/First Call was that Ford would lose 50 cents a share excluding special costs.
Revenue fell to $41.15 billion in the quarter from $42.59 billion a year ago.
For all of 2001, Ford lost $3.02 per share, compared with earnings of $3.47 billion, or $2.30 a share, in 2000.
This was Ford's first losing year since 1992 when Ford lost $7.4 billion, in large part because of almost $7 billion in accounting charges.
Revenues for 2001 were $162.4 billion, down 5 percent from $170.1 billion a year ago.
Ford said it sold 6 percent fewer vehicles in 2001 than it did the year before.