Ford Motor Co., the only one of the domestic automakers not to take bailout money, reported a first-quarter loss of almost $1.43 billion US.
The Dearborn, Mich.-headquartered company said it lost 60 cents per share in the quarter. In the same period of 2008, Ford made $70 million, or three cents per share.
Reflecting the weak global economy, Ford said its revenue for the first three months of 2009 came in at $24.8 billion, down $14.3 billion year over year.
"Our results in the first quarter reflected the extremely difficult business environment and weak demand for autos around the world," said Ford president and CEO Alan Mulally.
"Despite the challenges, Ford made strong progress on our transformation plan by gaining share with strong new products, slowing operating-related cash outflows, reducing outstanding debt, lowering our structural costs and reaching new agreements with the UAW."
Ford's pre-tax loss was 75 cents a share, which was much better than what analysts had been forecasting. According to Thomson Reuters, 11 analysts polled had a consensus forecast of a loss of $1.23 a share and revenue of $22 billion for the quarter.
In the wake of the earnings report, Ford shares were up 63 cents, or more than 13 per cent, at $5.12 US in morning trading on the New York Stock Exchange.
Ford burned through its cash at a slower pace in the first quarter. The company's operating cash flow in the period was minus $3.7 billion, compared with minus $7.2 billion in the fourth quarter of 2008.
Ford finished the first quarter with $21.3 billion in automotive gross cash, and said it still does not expect it will need a bridge loan from the U.S. government.
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