Ford Motor Co. shares slid in pre-market trade Aug. 3 after Ford, in a revised earnings report, more than doubled its second-quarter loss because of higher-than-expected pension costs. In a filing late Aug. 2 with the Securities and Exchange Commission, Ford said its net loss for the quarter ended June was now $254 million and not $123 million as it reported on July 20.
"This change reflects an increase in estimates of our pension curtailment loss, as well as subsequent events with respect to conditions that existed as of the date of our balance sheet," the company said.
"As a result of this, we now project our full-year 2006 pension curtailment expense to be $1.2 billion -- up from $1 billion -- and our full-year 2006 special items to be $3.8 billion," it said.
Copyright Agence France-Presse, 2006