Ford Motor Company today reported a narrower-than-expected first-quarter loss of $800 million compared to a $1.059 billion-dollar gain in the same period a year earlier.
The narrower-than-expected loss was due in large part to cost controls and related initiatives and to fairly strong sales of some of its new models.
First-quarter revenues fell to $39.9 billion, down from $42.5 billion a year earlier amid a worldwide vehicle unit sales decline of 7 per cent from a year earlier levels to $1.7 billion.
"While there is still a great deal of uncertainty in our industry, the general economic climate is improving and we are on schedule to meet or surpass our 2002 earnings milestone," said Mr Bill Ford, chairman and chief executive.
Ford said it benefited in the first quarter from strong sales of key new product introductions from its Jaguar and Land Rover brands.
AFP