Ford loses $5.9B in 4Q, says still won't seek aid

[January 29, 2009]  DEARBORN, Mich. (AP) -- Ford Motor Co. says it lost $5.9 billion in the fourth quarter but it has no plans to seek federal aid unless economic conditions worsen.

The second-largest U.S. automaker says it burned through $5.5 billion in cash during the quarter.

The company said Thursday it lost $2.46 per share, compared with a loss of $2.8 billion, or $1.13 per share, for the year-ago period.

Excluding one-time items, Ford lost $1.37 per share. Analysts surveyed by Thomson Reuters expected a loss of $1.30 per share.

Revenue fell to $29.2 billion, down from $45.5 billion for the fourth quarter of 2007.

The Dearborn, Mich., company also announced that its credit arm would cut 20 percent of its work force, or 1,200 jobs, and it has reached agreement with the United Auto Workers Union to end the jobs bank in which laid-off workers get most of their pay.

[Associated Press; By KIMBERLY S. JOHNSON and TOM KRISHER]

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.