REPORT: Wall Street rallies around better-than-expected Ford results
Why the positive reaction? The Blue Oval has fared markedly better than most analysts' estimates, and the size of the loss indicates that Ford is at least stemming its hemorrhaging. In further news that perked up trading, Lewis Booth, Ford's CFO reiterated that Ford expects to make it through the rest of the year without seeking any government monies, and the company notes that it expects to actually exceed the $4 billion cost-cutting goals it set for itself this year.
Of course, all is not rosy, although things are better than expected. For the first three months this year, Ford's sales dropped 43%, with accompanying revenue of $24.8 billion – a drop of almost 37 percent year-over-year versus 2008's $39.2 billion intake.
Perhaps the best news of all? Dearborn officials reinforced that the company is looking good to break even in 2011, noting that it could even post a profit before taxes. Thanks for the tips, everyone!
[Source: The Associated Press | Image: Jewel Samad/AFP/Getty]
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