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Ford Motor announced its first quarter financial results Friday, the first performance results of the "Way Forward" era, and it isn't pretty. The company recorded a net loss of $1.19 billion, compared to last year's profit of $1.21 billion.

The $2.4 billion swing is partly accounted for by $1.65 billion in one-time charges related to the company's ongoing restructuring, which is not unexpected, but first quarter revenues also took a hit, falling $4 billion to $41.1 billion. Ford's U.S. vehicle sales fell 3 percent in the first quarter.

Mirroring rival General Motors, Ford lost money on its automotive operations, but made money at Ford Motor Credit Company, its version of GMAC.

Chairman and CEO Bill Ford said the company is "encouraged by the success in our global operations," referring in particular to South America, Europe, and Ford's Premier Automotive Group, all of which are on the upswing.

The bottom line? It's far too soon to judge the success or failure of Ford's "Way Forward" efforts, and with more restructuring charges to come this year, results are unlikely to show much improvement in the short term. The most worrisome trend for Ford (and GM, for that matter) is the continued decline in North American sales and market share.

[Source: Ford]

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    • 1 Second Ago
      • 9 Years Ago
      It's so early to judge the impact of the "way forward" plan since it was implemented after the quarter already started. It will take at least a year to see if there is any benefit to the plan. At least Ford isn't pinning it's turnaround hopes on full size SUV's with oil going for $75 per barrel! They are just pinning it on smaller SUV's!
      • 9 Years Ago
      Marketshare will continue to drop in light of the surging gas prices. Which isn't to say Ford's going to be in as bad shape as GM--once the Way Forward plan is implemented it might see all the benefits from the cost-cutting measures.
      • 8 Years Ago
      I work with Ford on a daily basis. Anyone who wants to believe the "Way Forward" will work is going to be sorely mistaken. They have lost their ability to engineer cars, and only re-skin vehicles from Mazda and Volvo (Fusion is a Mazda 6 underneath). I don't agree that they are in better shape than GM. They don't have either the engineering resources or the capital needed to really turn around. Their "Way Forward" will be a continued slide down the slope to Chapter 11...
      • 9 Years Ago
      ford and gm should merge and then file chap 11. then they will have more power to push the uaw aside.
      Clyde Batter
      • 9 Years Ago
      One of Ford's problems is its lousy salesmen. It took my wife and me over a month and visiting 18 different dealerships until we found one with a salesperson who would listen to our needs and find us the car we wanted, instead of trying to sell us something we didn't want or couldn't afford.

      Wake up, Ford Sales Managers!
      • 9 Years Ago
      Chris, once (and WHEN) the American public finally wake up from the idiotic dream-world where mid-sized (?!) SUVs replaced humungous SUVs in the driveway (for a solo 25 mile commute to work), Ford is going to find itself standing next to GM in Chapter 7 Bankruptcy Court.

      At least that is what I am worried will happen.

      Ironically, Ford can make money with Ford and Volvo in the rest of the world.

      Well, d'ya think Ford's US management could possibly see any of the handwriting on the wall? And maybe just maybe they should start tooling up the US plants for Fiesta's and (euro-Fusion) tall Fiesta wagons, hurry the heck up with more hybrids and maybe even clean up their euro-diesels for upgraded euro-Focus's?

      Gas is $4.04.9 in Los Angeles area right NOW. It's $3.09.9 in Pennsylvania and New York right NOW - that is, when the stations haven't run out of gas.

      Look for yourself http://www.drudgereport.com/
      • 9 Years Ago
      #2...I agree with you. Every commercial GM pushes out (besides the Pontiac ones) is about the new Tahoe. I havent seen many Ford commercials for the latest Explorer...that may be part of the reason they are selling but I still think Ford realizes that SUV's arent what they used to be.

      I dont think Ford has to worry like GM does. Ford at least has cars people can fall back on...unlike GM. I am not saying GM cars are horrible but there isnt much of a choice.

      People need to give them a chance...