Ford Motor Co. says it lost $129 million in the third quarter as the struggling automaker burned up $7.7 billion in cash. The automaker also said Friday it will cut another 10% of its North American salaried work force costs as it tries to weather the worst economic downturn in decades.
Ford says it lost 6 cents per share for the quarter, compared with a loss of $380 million, or 19 cents per share, a year ago. The company posted a pretax loss of $2.7 billion from continuing operations. But it was offset partly by a $2 billion gain as the company shifted retiree health care liabilities to a trust run by the United Auto Workers.
Sales fell 22% to $32.1 billion from $41.1 billion due to lower volume and the sale of Jaguar and Land Rover. Excluding special items, Ford lost $1.31 per share, worse than Wall Street expected. Analysts surveyed by Thomson Reuters predicted a loss of 94 cents per share on sales of $28 billion.
Dearborn-based Ford reported its worst three-month performance ever in the second quarter, when it lost nearly $8.7 billion.