Ford posts loss of $5.8 billion

[OhioChick]

Oct 23, 2006 — By Poornima Gupta

DETROIT (Reuters) - Ford Motor Co. <F.N> on Monday posted a quarterly loss of $5.8 billion — its largest loss in 14 years — as restructuring charges related to planned job cuts in North America and declining sales of its trucks hampered results.

Ford also said it will restate financial results from 2001 through the second quarter of 2006, citing an accounting change on interest rate derivatives used to hedge its long-term debt.

Ford shares fell 3 percent in early electronic trade.

Ford, which is closing 16 plants and cutting up to 45,000 jobs in North America, recorded a net loss of $3.08 per share in the third quarter. A year ago, it posted a loss of $284 million, or 15 cents per share.

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