Blogging Employee Benefits

August 3, 2006

Way Forward Pension Curtailment Sends Ford In Reverse

Filed under: Pensions — Fuguerre @ 3:40 pm

We are revising our reported results for the second quarter of 2006 from that announced previously. On July 20, 2006, we announced a net loss of $123 million, or $0.07 per share. Our net loss for the second quarter of 2006 has been increased by $131 million to a net loss of $254 million, or $0.14 per share. 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.

As a result of this, we now project our full-year 2006 pension curtailment expense to be $1.2 billion (up from $1 billion) . . . . [Ford 8-K, 8/2/2006]

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