AFSCME 3357-HOF'S BLOG

Ford's 3rd Quarter Loss $5.8 Billion . . . and Counting

Ford just released its 3rd quarter financial results. Ford reported a $5.8 billion dollar loss. Ford's North American operations lost $2.0 billion, up from $1.2 billion last year. Results in the rest of the company were mixed, and it looks like about half of the $5.8 billion dollar loss was attributable to restructuring costs including the recently-announced employee buyout.

The "and counting" portion of the headline to this entry refers to Ford's announcement that Ford Motor Credit plans to restate results going back to 2001. Apparently, there were some accounting issues that rendered previously announced statements inaccurate. Let the lawsuits begin.