Ford reports $1.4B first-quarter loss

Ford Motor Co. today reported a better-than-expected net loss of $1.4 billion for the first three months of 2009 and said it is on track to return to profitability in 2011.

After taxes and excluding special items, Ford lost $1.8 billion in the first quarter, or 75 cents per share. Wall Street was expecting a loss of $1.24 a share, according to a survey of 11 analysts by Thomson Reuters before today's release. Analysts based their estimates on average projected revenue of $22.12 billion.

"Our results in the first quarter reflected the extremely difficult business environment and weak demand for autos around the world," said Ford 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."