DEARBORN: Ford Motor Co . reported its first quarterly net loss in seven years due largely to a pension accounting change and costs associated with canceling a small-car factory in Mexico.The Dearborn, Michigan, automaker on Thursday reported a fourth-quarter net loss of $783 million, compared with a $1.9 billion profit a year ago.The loss was due largely to a $3 billion noncash adjustment of its pension obligations, but a $200 million charge for halting construction of the Mexican factory also weighed on profits. For 2016, Ford posted its second-best pretax profit ever at $10.4 billion with net income of $4.6 billion.Ford's 56,000 U.S. hourly workers will reap the benefits. That fell just shy of Wall Street estimates. Analysts polled by FactSet expected 31 cents per share.Quarterly revenue fell 4 percent to $38.7 billion, also missing analyst estimates.The fourth-quarter loss was Ford's first quarterly red ink since the second quarter of 2009.

Source: Economic Times January 26, 2017 13:35 UTC