Ford said on Monday that its net loss widened to $5.8 billion in the third quarter - its worst quarterly performance in 14 years - as it took a hit from costs related to the restructuring of its key North American business.
The last time Ford posted a loss this big was in the first quarter of 1992, when it reported a net loss of $6.7 billion.
On a per-share basis, the company reported a net loss of $3.08 a share in the third quarter. In the year-ago period, it posted a net loss of $284 million, or 15 cents a share.
Ford also said it would restate its financial results from 2001 through the second quarter of 2006 due to a change in accounting of derivatives contracts.
New chief executive Alan Mulally called the results "unacceptable," but said Ford was committed to creating a viable business going forward.
"We know where we are with our business and we know why we are where we are," he said during a conference call with analysts.
Mulally, a former Boeing (Charts) executive, took over the CEO position from Bill Ford in September.
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Excluding special items, Ford posted a loss of $1.2 billion, or 62 cents a share, versus consensus analysts' estimates of 61 cents a share on that basis.
Looking ahead, Ford executives said during the conference call that operating results are likely to worsen in the current quarter.
Ford (down $0.13 to $7.88, Charts) shares fell about 1.5 percent in midday trading.
Dearborn, Mich.-based Ford is in the process of restructuring its North America unit in an effort to stem market share losses in the U.S., and expectations were fairly low ahead of the earnings announcement.
"It's one of those things where you're used to being disappointed," Kevin Tynan, an auto analyst with Argus Research, said.
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