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Ford posts loss, draws $10 bln in credit
Ford Motor Co (F.N) posted a deeper-than-expected $5.9 billion quarterly loss on Thursday but said it would have the cash to survive the worst downturn in auto sales in decades without a U.S. government bailout.
Ford said it was cutting some 2,500 white-collar jobs and drawing down its remaining credit after burning through $5.5 billion of cash as global auto sales plunged.
For 2008, Ford posted a loss of $14.6 billion for 2008, its third consecutive annual loss.
For the year, Ford burned through $21 billion but said it expected that it would be able to better conserve cash in 2009 if U.S. sales stabilize in the second half as it expects.
The No. 2 U.S. automaker also said it would draw down $10.1-billion remaining on its credit line and defer $2 billion in payments pledged to a trust fund aligned with the United Auto Workers union to bolster its cash in the current quarter.
'We took this action because of our growing concerns about the instability of the capital markets,' Ford Chief Executive Alan Mulally told analysts on a conference call.
Shares in Ford were down about 2 percent in early trading.
Analysts credit Ford under Mulally with having the foresight to borrow heavily in 2006, before credit markets shut down and auto sales plunged in 2008.
'They're doing what they can to take costs out but the other side of the equation -- sales -- has got to recover,' said Erich Merkle, an independent auto analyst.
Ford's captive credit arm, Ford Motor Credit, said it would cut 1,200 jobs, or 20 percent of its staff. For its auto operations, Ford said it had almost completed 1,300 white-collar job cuts that it began in November.
Ford said the UAW had also agreed to suspend its jobs bank, dropping a controversial program that had guaranteed nearly full wages and benefits for union workers after their jobs were eliminated. Ford had about 1,500 UAW workers in its jobs bank at the end of the year.
Suspending the UAW jobs bank had been a condition imposed by the federal government for the $17.4-billion bailout of Ford's rivals General Motors Corp (GM.N) and Chrysler. Both GM and Chrysler had previously announced an end to the program.
Overall, Ford cut its North American auto workforce by 5,000 jobs in the fourth quarter to 75,200, most of that in its hourly workforce. The Ford credit, and salaried job cuts will be reflected in 2009 results.
Ford said it was cutting some 2,500 white-collar jobs and drawing down its remaining credit after burning through $5.5 billion of cash as global auto sales plunged.
For 2008, Ford posted a loss of $14.6 billion for 2008, its third consecutive annual loss.
For the year, Ford burned through $21 billion but said it expected that it would be able to better conserve cash in 2009 if U.S. sales stabilize in the second half as it expects.
The No. 2 U.S. automaker also said it would draw down $10.1-billion remaining on its credit line and defer $2 billion in payments pledged to a trust fund aligned with the United Auto Workers union to bolster its cash in the current quarter.
'We took this action because of our growing concerns about the instability of the capital markets,' Ford Chief Executive Alan Mulally told analysts on a conference call.
Shares in Ford were down about 2 percent in early trading.
Analysts credit Ford under Mulally with having the foresight to borrow heavily in 2006, before credit markets shut down and auto sales plunged in 2008.
'They're doing what they can to take costs out but the other side of the equation -- sales -- has got to recover,' said Erich Merkle, an independent auto analyst.
Ford's captive credit arm, Ford Motor Credit, said it would cut 1,200 jobs, or 20 percent of its staff. For its auto operations, Ford said it had almost completed 1,300 white-collar job cuts that it began in November.
Ford said the UAW had also agreed to suspend its jobs bank, dropping a controversial program that had guaranteed nearly full wages and benefits for union workers after their jobs were eliminated. Ford had about 1,500 UAW workers in its jobs bank at the end of the year.
Suspending the UAW jobs bank had been a condition imposed by the federal government for the $17.4-billion bailout of Ford's rivals General Motors Corp (GM.N) and Chrysler. Both GM and Chrysler had previously announced an end to the program.
Overall, Ford cut its North American auto workforce by 5,000 jobs in the fourth quarter to 75,200, most of that in its hourly workforce. The Ford credit, and salaried job cuts will be reflected in 2009 results.
