Let’s take a brief look at Ford while we wait for GM’s report at 10:30 ET. Bloomberg reports Ford Has $2.98 Billion Operating Loss as Sales Plunge:
Ford Motor Co., with U.S. sales shredded by the worst financial crisis since the Great Depression, posted a third-quarter operating loss of $2.98 billion and said it used up $7.7 billion in cash.
The per-share operating loss of $1.31 was wider than the 93-cent average of 10 analyst estimates compiled by Bloomberg. Ford said it would trim more salaried jobs by January, deepen its fourth-quarter production cuts and shrink capital spending by as much as 17 percent.
Ford has cash on hand for roughly 3 quarters at this burn rate. Demand continues to fall, and it appears as if these numbers don’t include October. Secret fact: October was not a good month.
