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| Ford loss smaller than expected | Ford loss smaller than expected |
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| Carmaker Ford has reported better-than-expected results for the first quarter of 2009 and says it does not intend to take government aid. | Carmaker Ford has reported better-than-expected results for the first quarter of 2009 and says it does not intend to take government aid. |
| While it still reported a loss for the quarter, of $1.4bn (£0.96bn), this was better than analysts had forecast. | While it still reported a loss for the quarter, of $1.4bn (£0.96bn), this was better than analysts had forecast. |
| The news sent Ford's shares up more than 16% in early trading. | |
| Carmakers across the world have been struggling to cope with a massive slump in demand for cars as consumers hold back on making expensive purchases. | Carmakers across the world have been struggling to cope with a massive slump in demand for cars as consumers hold back on making expensive purchases. |
| Two of Ford's biggest rivals, General Motors and Chrysler, have taken billions of dollars in US government aid and still face bankruptcy. | Two of Ford's biggest rivals, General Motors and Chrysler, have taken billions of dollars in US government aid and still face bankruptcy. |
| The latest results show that Ford has $21.3bn in cash and reiterate that, "based on current planning assumptions, it does not expect to seek a bridge loan from the US government". | The latest results show that Ford has $21.3bn in cash and reiterate that, "based on current planning assumptions, it does not expect to seek a bridge loan from the US government". |
| Cost cutting | Cost cutting |
| The first quarter results represent a significant improvement over its performance in the final quarter of last year. | The first quarter results represent a significant improvement over its performance in the final quarter of last year. |
| Our results in the first quarter reflected the extremely difficult business environment and weak demand for autos around the world Alan Mulally, Ford chief executive | Our results in the first quarter reflected the extremely difficult business environment and weak demand for autos around the world Alan Mulally, Ford chief executive |
| During those three months, Ford lost $5.9bn. Over the whole of 2008, the carmaker lost a record $14.6bn. | During those three months, Ford lost $5.9bn. Over the whole of 2008, the carmaker lost a record $14.6bn. |
| In addition, the company used up less of its cash. In the first quarter of 2009 it used up $3.7bn of its cash reserves, whereas in the final quarter of 2008 it used up $7.2bn. | In addition, the company used up less of its cash. In the first quarter of 2009 it used up $3.7bn of its cash reserves, whereas in the final quarter of 2008 it used up $7.2bn. |
| A year ago, Ford had reported a first-quarter profit of $70m. | A year ago, Ford had reported a first-quarter profit of $70m. |
| "Our results in the first quarter reflected the extremely difficult business environment and weak demand for autos around the world," said Ford boss Alan Mulally. | "Our results in the first quarter reflected the extremely difficult business environment and weak demand for autos around the world," said Ford boss Alan Mulally. |
| The carmaker has been slashing costs in an attempt to offset the slump in sales, and cut its debt obligations by $10.1bn during the quarter. | The carmaker has been slashing costs in an attempt to offset the slump in sales, and cut its debt obligations by $10.1bn during the quarter. |
| "Ford made strong progress on our transformation plan by gaining share with new products, reducing outstanding debt, lowering our structural costs and reaching new agreements with the United Auto Workers [union]," Mr Mulally added. | "Ford made strong progress on our transformation plan by gaining share with new products, reducing outstanding debt, lowering our structural costs and reaching new agreements with the United Auto Workers [union]," Mr Mulally added. |
| Ford Europe's market share rose to 9.4%, its highest level in nearly ten years, with the Ford Fiesta becoming the continent's best selling car in March, the carmaker said. | Ford Europe's market share rose to 9.4%, its highest level in nearly ten years, with the Ford Fiesta becoming the continent's best selling car in March, the carmaker said. |
| The overall quarterly loss for the European arm of the company was $550m, compared with a profit of $737m a year ago. Revenue was $6bn, down from $10.2bn. | The overall quarterly loss for the European arm of the company was $550m, compared with a profit of $737m a year ago. Revenue was $6bn, down from $10.2bn. |
| Overall revenue fell to $24.8bn from $39.2bn in the same period last year. | Overall revenue fell to $24.8bn from $39.2bn in the same period last year. |
| Ford asserted that it would "remain on track to meet or beat its financial targets". | Ford asserted that it would "remain on track to meet or beat its financial targets". |
| These include at least breaking even in 2011, excluding special items. | These include at least breaking even in 2011, excluding special items. |