Ford Posts $8.7 Billion Loss on Write-Downs (Q2)

[underpants]

Source: NYT

DETROIT — The Ford Motor Company posted a second-quarter loss Thursday of $8.67 billion largely because of write-downs.

Ford said that it would take $8 billion in write-downs, including $5.3 billion on its North America assets and $2.1 billion on the lease portfolio of the Ford Motor Credit Company.

The loss was $3.88 a share, compared with a profit of $750 million, or 31 cents, in the quarter a year ago. Excluding the one-time charges, Ford had a loss of 62 cents a share.

Revenue declined $5.6 billion in the quarter, to $38.6 billion from $44.2 billion in the quarter.



Read more: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3407695

[Wednesdays]

1. But this is good news, see...

'cause they were expecting even bigger losses. :sarcasm:

So, a loss is a gain. :crazy:

[MannyGoldstein]

2. Market Cap Only $13.5 Billion

Yikes.

[Ganja Ninja]

3. I worked for GM 20 years ago.

These companies are perpetually in trouble. It never ends with these corporate welfare queens. I think we need to take a long hard look at how to reform them and whether or not it's even possible.

And a national healthcare system would go a long way to fixing some of the problems they have.

[WriteDown]

4. I'll tell you what would be even better....

People taking pride in buying things that are made in America or actually being willing to pay a few dollars more for things that are union made.

[comtec]

5. isnt that one in the same anymore?

anything LEFT to be made in the us, for a us company probably is union made, isn't it?

[DainBramaged]

6. Hear hear

but that pride is sorely lacking here. Cheap overseas crap, or transplanted crap, that's the ticket, let the Union workers all work for Wal-Mart.

:sarcasm:

[Owl]

7. You're absolutely right!

[AndyTiedye]

10. When America Builds Products We Can be Proud Of, We Buy Them!

Ford got it right with their Escape Hybrid:

Oddly enough, this SUV is more fuel-efficient (and cleaner-running) than any American CAR currently being made.
The most fuel-efficient American CARS are rated with a combined mpg just under 30. Lame.

The Tesla beats them all, of course, but that is built mostly overseas for now, though they are building a factory in the US.

Small economy cars purchased from Ford or GM often turn out to be made overseas,
though they don't go out of their way to tell you that when you are looking to buy one.
At the same time, "Japanese" economy cars are often made in the US. Why has the UAW been unable to unionize those workers?

I have always bought Maytag washing machines, which were made in the US until Whirlpool bought them out.
Practically all of the "American" brands of appliances are made offshore now.
Are there any American-made appliances left?

Much of what Amercian-made stuff I do get is not actually "union made" because it is made by individual artists and craftsmen.

[WriteDown]

11. There is plenty of union made stuff if you look for it...

Everything from tools(the absolute best quality) to furniture.

[AndyTiedye]

12. I Must Not be Shopping for Furniture in the Right Places

Almost all the furniture I see in the stores is from China, and most of it is crap.
Most of the furniture stores around here are incredibly dodgy, and so is their merchandise.

Most of my tools are American-made, and most were purchased years ago.
Just buying from an "American" company doesn't mean much anymore.
I have Makita power tools that were at least "assembled" in the USA,
unlike my Black and Decker ones that say "USA" in several places but "Made in China" at the bottom of the label.
They fooled me on that one.

I do not know whether or not Makita's US operations are unionized.
It seems that US divisions of Japanese companies rarely are.
Why isn't the UAW organizing the workers in Toyota's US plants?
Why aren't our unions organizing the US operations of other foreign companies?
Those workers have the same rights to organize as any others under our laws. What went wrong?

[Phred42]

8. That Link goes tot he wrong story

[underpants]

9. Whooops here you go and thanks

http://www.nytimes.com/2008/07/25/business/25ford.html?_r=1&hp&oref=slogin