Ford (F) Reports Much Smaller-Than-Expected Q1 Loss
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Ford (NYSE: F) reported a Q1 loss of $0.75 per share, well ahead of the consensus of a $1.23 loss. Revenues came in at $24.8 billion, versus the consensus of $22 billion.
Ford ended the first quarter with Automotive gross cash of $21.3 billion, up from $13.4 billion.
Executed actions to reduce Automotive debt obligations by $10.1 billion.
Ford remains on track to meet or beat its financial targets based on current planning assumptions, including the target for its overall and North American Automotive pre-tax results to be breakeven or better in 2011, excluding special items.
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