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Ford's loss narrows to $282 million as revenue rises
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DEARBORN, Mich. Ford Motor Co. on Thursday posted a first-quarter loss of $282 million, a vast improvement over the $1.4 billion it lost in the first quarter of 2006.
It was Ford's seventh consecutive quarterly loss, but the automaker said the smaller deficit reflected its restructuring efforts as it tries to cut costs in the face of withering competition from Asian automakers.
The loss of 15 cents per share for the January-March period compared with a loss of 76 cents per share in the same period a year ago.
Revenue rose to $43 billion from $40.8 billion a year ago.
Without special items, primarily restructuring costs, Ford said it would have lost $171 million, or 9 cents per share, compared with an operating profit of $223 million, or 12 cents per share, a year ago.
The loss excluding special items was far less than Wall Street estimates. Sixteen analysts polled by Thomson Financial expected a loss of 60 cents per share. Those estimates typically exclude special items.
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