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PREVIEW-GM, Ford investors brace for deep quarterly losses
General Motors Corp and Ford Motor Co posted more than $27 billion of net lossesin the first half of 2008 -- and that was before a deepeningeconomic slowdown pushed industry sales to 25-year lows.
What either automaker will report for an encore in thethird quarter could be overwhelmed by the potential merger ofChrysler LLC into GM or various other scenarios of some or allof the Auburn Hills, Michigan automaker being sold.
Both are expected to post dismal third-quarter results onFriday, capping off a disastrous week that started with reportsthat U.S. auto sales plunged to the lowest annualized rate in aquarter century in the first month of the fourth quarter.
Analysts on average expect GM and Ford to post losses ofroughly $2 billion each for the third quarter excluding onetime items, according to Reuters Estimates.
Cash flow remains key to investors, who saw GM stock fallto a 58-year low and Ford stock to a more than quarter-centurylow in October, as does U.S. consumer confidence, which fell toa record low in October.
A deal to unite GM and Chrysler hit a wall after the Bushadministration ruled out funding it last week, leaving anymerger between the companies contingent on federal aid underthe next administration, people familiar with the talks said.
October sales fell from bad to worse amid the financialsector failures that forced a $700 billion bailout plan in theUnited States and numerous props for banks in other countries.
'Auto companies just don't make money in a recession,'Morgan Stanley analyst Adam Jonas said in an October note toclients referencing the slowdown in European automaker resultsthat were just as relevant for U.S. companies.
While the talks between GM and Chrysler-owner CerberusCapital Management LP have taken most of the spotlight, Fordalso has had discussions with policymakers about the challengesfacing the industry and the automaker.
'We just want to make sure we continue that ongoingdialogue and make sure that whatever happens there is a degreeof parity,' Mark Fields, Ford's president of the Americas, toldreporters last week.
Ford earlier in 2008 said it would accelerate plans tobring European-designed cars to North America and convert somepickup truck plants to car production. It is expected toprovide a business plan update on Friday.
What either automaker will report for an encore in thethird quarter could be overwhelmed by the potential merger ofChrysler LLC into GM or various other scenarios of some or allof the Auburn Hills, Michigan automaker being sold.
Both are expected to post dismal third-quarter results onFriday, capping off a disastrous week that started with reportsthat U.S. auto sales plunged to the lowest annualized rate in aquarter century in the first month of the fourth quarter.
Analysts on average expect GM and Ford to post losses ofroughly $2 billion each for the third quarter excluding onetime items, according to Reuters Estimates.
Cash flow remains key to investors, who saw GM stock fallto a 58-year low and Ford stock to a more than quarter-centurylow in October, as does U.S. consumer confidence, which fell toa record low in October.
A deal to unite GM and Chrysler hit a wall after the Bushadministration ruled out funding it last week, leaving anymerger between the companies contingent on federal aid underthe next administration, people familiar with the talks said.
October sales fell from bad to worse amid the financialsector failures that forced a $700 billion bailout plan in theUnited States and numerous props for banks in other countries.
'Auto companies just don't make money in a recession,'Morgan Stanley analyst Adam Jonas said in an October note toclients referencing the slowdown in European automaker resultsthat were just as relevant for U.S. companies.
While the talks between GM and Chrysler-owner CerberusCapital Management LP have taken most of the spotlight, Fordalso has had discussions with policymakers about the challengesfacing the industry and the automaker.
'We just want to make sure we continue that ongoingdialogue and make sure that whatever happens there is a degreeof parity,' Mark Fields, Ford's president of the Americas, toldreporters last week.
Ford earlier in 2008 said it would accelerate plans tobring European-designed cars to North America and convert somepickup truck plants to car production. It is expected toprovide a business plan update on Friday.
