Ford Motor posts annual net loss of $2.7 billion

Ford's 2007 revenue, excluding special items, was $173.9 billion, up from $160.1 billion a year ago. The increase primarily reflected changes in exchange rates, higher net pricing and improved product mix. For full-year 2007, Ford has earned a pre-tax operating profit from continuing operations, excluding special items, of $126 million. Including taxes, Ford's full-year loss from continuing operations was $366 million, or 19 cents per share, compared with a 2006 loss of $2.7 billion, or $1.44 per share. The company reported a 2007 fourth-quarter net loss of $1.30 per share or $2.8 billion. This compares with a net loss of $2.98 per share, or $5.6 billion in the same period a year ago. Ford's fourth-quarter revenue, excluding special items, was $45.5 billion, up from $40.3 billion a year ago. Ford's fourth-quarter after-tax loss from continuing operations, excluding special items, was 20 cents per share, or $429 million, compared with a 2006 after-tax loss of $1.03 per share, or $2 billion. Special items reduced pre-tax results by $3.9 billion or $1.10 per share in the fourth quarter, which included a revenue reduction of $1.4 billion. Alan Mulally, Ford's president and CEO, said: "Each of our automotive operations is improving, and we are encouraged by the progress, which validates our strategy and plan. In 2007, we introduced great new products around the globe that received strong third-party endorsements for styling, quality and safety."