reported a $5.07 billion loss for its fourth quarter, including a charge of $4.1 billion related to its massive restructuring.
The latest quarter's loss equals $2.81 a share. Before the charges, Ford lost $860 million, or 48 cents a share, matching analysts' estimates. Revenue was $41.15 billion, down from $42.35 billion a year ago.
The company earned $1.1 billion, or 57 cents a share, a year ago.
Ford laid out
the plan last week to cut about 35,000 employees, close five plants and cut production capacity. The company has been struggling with flagging demand in the face of a weak economy as well as a price war and the lingering effects of the Firestone tire scandal.
Ford said in the fourth quarter, worldwide automotive operations lost $803 million on revenue of $33.77 billion. That compares with a profit of $762 million on revenue of $35.11 billion in the fourth quarter of 2000.
In its North American operations, Ford lost $916 million in the latest fourth quarter, compared with a profit of $740 million a year ago. Revenue declined to $23.26 billion from $25.59 billion. The company cited "the intense competitive environment in the U.S., which led to lower unit sales volume and higher marketing costs." It noted that marketing costs in the U.S. were 16.7% of revenue in the fourth quarter, up 6 points from a year ago.