Ford loses $123M US in Q2

Ford Motor Co. sales slip in second quarter as the company signals it has more restructuring plans to come.

Ford Motor Co. on Thursday reported a second-quarter loss of $123 million US due to cost of cutting workers, and signalled that more restructuring is yet to come.

The automaker said it lost seven cents a share in the quarter, compared with a profit of $946 million US (47 cents a share) a year earlier.

The company said its revenues slipped to $41.97 billion US from $44.55 billion US year-over-year.

Ford's North American operations reported a pre-tax loss of $797 million.

"We've seen an improvement in North America results in the second quarter, but the external factors we face aren't going to get any easier," said chairman and CEO Bill Ford.

"Within the next 60 days, we'll be in a position to discuss the additional actions we will be taking," he added.

Ford recorded a charge of $171 million US in the quarter as it cut workers as part of its restructuring. The company also took a $315-million charge for pension curtailments related to employee buyouts.

Shares of Ford were off 14 cents at $6.19 US on the New York Stock Exchange on Thursday.