Ford Posts Slight Quarterly Profit as it starts "The Way Forward"
Ford announced a $124 million quarterly profit, but the profit wouldn't have occurred had Ford not posted a gain from sale of its Hertz rental car business. Still there was good news, North American automotive operations narrowed their losses to $143 million from $470 million the year before. Still, losses from other operations (I'm not going to name any names - Oh look, there's a Jaguar!)were such that a billion dollar gain from the Hertz sale was almost wiped out.
The quarterly earnings were announced on the eve of the unveiling of Ford's major restructuring plan called "The Way Forward." The vaguely Maoist name conjures up images of banishing the urban residents to collective farms for retraining. I have some advance information on "The Way Forward" that I'll put in my next post.
Bloomberg.com: Top Worldwide
Monday, January 23, 2006
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