Ford reports $692 million third-quarter loss, meeting Wall Street expectations
Wednesday, October 17th 2001, 12:00 am
By: News On 6
DEARBORN, Mich. (AP) _ Ford Motor Co. reported Wednesday it lost $692 million in the third quarter as its sales slumped by 9 percent. The results were in line with Wall Street expectations.
``This was a difficult quarter, as our results were affected by an uncertain and slowing U.S. economy, compounded by the tragic events of Sept. 11,'' Ford president and CEO Jacques Nasser said in a statement.
Ford's loss amounted to 38 cents a share in the July-September period.
Excluding $190 million for one-time items, including costs related to the restructuring of Mazda, Ford lost $502 million, or 28 cents a share. That matched analysts' expectations.
Total revenues were $36.5 billion, a 9 percent decline from $40.06 billion in the same quarter a year ago.
The nation's second biggest automaker reported its North America operations lost $849 million during the third quarter, compared with a profit of $782 million in the third quarter of 2000.
The automaker attributed the loss to a 15 percent decline in vehicle sales from last year and higher marketing costs.
Internationally, Ford's South American operations continued to lose money, posting a third quarter loss of $56 million compared with a $64 million loss a year ago.
In Europe, Ford reported a $24 million loss during the third quarter compared to a loss of $221 million a year ago. The company said several new models including the Mondeo, Transit and Maverick, contributed to the improved results.