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Ford posts $523 million 4Q net loss on accounting charge for pensions but beats analyst estimates
https://apnews.com/article/ford-net-income-fourth-quarter-2023-2313e8134e7e45f8698b88a3ce8f8449
By TOM KRISHER
Updated 7:10 PM CST, February 6, 2024
DETROIT (AP) — Ford Motor Co. on Tuesday reported that it swung to a net loss in the fourth quarter due to a large accounting charge on pension plans and the effects of a six-week strike at multiple factories by the United Auto Workers union.
The Dearborn, Michigan, automaker posted a $523 million loss from October through December versus a $1.26 billion profit for the same period a year ago.
Excluding one time items, the company made 29 cents per share, beating Wall Street estimates of 12 cents, according FactSet. Revenue for the period was $46 billion, up 4% from a year ago, beating estimates of $43 billion.
Ford reported a $1.7 billion noncash accounting loss during the quarter on remeasurement of pension and other post-retirement employee benefits.
FULL story at link above.
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