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Ford financial results 'clearly unacceptable'

The ailing Dearborn-based Ford Motor Co. today reported its largest quarterly loss in 14 years — a result of plummeting sales, a costly restructuring and growing challenges in its luxury division.

Ford said it lost $5.8 billion, or $3.08 per share, during the July to September period this year. Sales fell 10% to $36.7 billion. Last year during the same period, Ford posted a net loss of $284 million, or 15 cents per share.

The third quarter loss was the largest three-month loss since the first quarter of 1992, when the company lost $6.7 billion due mainly to accounting changes.

For the year, Ford's losses now total $7.2 billion, and it was unclear whether Ford's full-year results might come close to or surpass General Motors Corp.'s $10.6 billion loss last year.


[What a freaking disaster - Mish]
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