There is no joy in Dearborn this morning as FoMoCo reported a net loss of 7 cents per share, or $123 million in the second quarter of 2006. Keep in mind they announced a $1.2 billion loss last quarter, and we can imagine there's all sorts of potential for heads to roll out the front doors of "the glass house" today. Starting potentially with Papa Smurf himself, Wee Willie Clay. Billy-boy said in the press release today that the company would take "additional action" to right the company's course over the next 60 days. Hmm...and we kind of thought the "Way Forward" was supposed to fix all this. Oh wait, Bill Ford has something to say in the release about "Way Forward" maven Mark Fields:
"his team have been working on plans to accelerate their efforts..."
Hmm...we thought the "Way Forward" was supposed to be an acceleration of efforts to fix things. Does this mean Fields job is to now take efforts to something like "ludicrous" speed?
Ford loss worse than expected [Freep]
Related:
Ford Cuts Dividend, Board Member Fees; Bill Ford: Rollerbladin' His Way To Fitness And Profit; Breaking! FoMoCo Posts $1.2 Billion Loss And $458 Million Profit At The Same Time! [internal]