April 24, 2006
Ford reports first quarter 2006 financial results
Dearborn, Michigan – The Ford Motor Company has reported a net loss of 64 cents per share, or $1.2 billion, for the first quarter of 2006. This compares with net income of 60 cents per share, or $1.2 billion, in the first quarter of 2005. (All prices U.S.)
Ford’s first-quarter earnings from continuing operations was 24 cents per share, or $458 million; its total sales and revenue in the first quarter was $41.1 billion, down $4.1 billion from a year ago.
“I am confident that we are confronting our challenges head-on and that we will succeed in our turnaround and getting back on track to ensure our long-term success,” said Chairman and Chief Executive Officer Bill Ford. “We are clearly in a period of transition. However, I am pleased with the changes underway to make Ford a leaner, more innovative company. I also am grateful to our employees for the cooperation and confidence in Ford that they have demonstrated by embracing these changes, which can be very difficult.”
Among its highlights in the first quarter, Ford mentioned its launch of the Way Forward plan to return North American operations to profitability no later than 2008, including idling and ceasing operations at 14 manufacturing facilities through 2012; the introduction of U.S. products that are performing well in the marketplace, including the Ford Fusion, Mercury Milan and Lincoln Zephyr; the launch of the all-new Ford Ranger in Thailand, Ford Fiesta in India and Ford Focus in China; the confirmation that the Volvo S40 will be locally produced in China; and best-ever first-quarter global sales for Land Rover, increasing 26 per cent over a year ago.