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Old 02-16-2007, 02:09 PM   #1
NYCshopper
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Default Ford to miss U.S. retail sales goals in Feburay and March

Ford to miss U.S. retail sales goals in Feburay and March

http://news.yahoo.com/s/nm/20070216/...structuring_dc

Quote:
DETROIT (Reuters) - Ford Motor Co. (NYSE:F - news) expects to miss its U.S. retail sales goals for February and March because of a deepening slump in the market for pickup trucks and SUVs, a person who had seen the forecast said on Friday.

The revised forecast were part of an internal report titled "Report Card: Ford North America," that was provided to employees, the person said.

Ford expects its U.S. retail market share to be slightly off in February from the previously expected 10 percent. The company previously expected to have an 11 percent share in March, but now says it may be off by about 0.5 percentage points from that goal, the person said.

Ford's Americas President Mark Fields went over the report with employees on Wednesday as part of his regular weekly Webcast, the person said.

Ford spokesman Tom Hoyt confirmed the authenticity of the report.

"The report card reflects our commitment to have candid communication with our employees, which is a hallmark of 'Way Forward,"' he said.

Ford is in the early stages of a turnaround plan dubbed "Way Forward" that includes closing 16 plants and cutting up to 45,000 jobs in North America. Ford's last profitable year was 2005.

Ford Chief Executive Alan Mulally, who replaced Bill Ford Jr. in September, is hoping that once the company cuts its manufacturing capacity, its new products that are expected to be more fuel-efficient will help return the company to profitability.

The internal report also said the company exceeded its material cost reduction target for January, but will miss its targets for February and March, the person said.

Ford now expects to reduce material cost by around 25 percent in February, which is at the lower end of its cost savings target of between 25 and 50 percent.

In March, the company expects to save under 50 percent in material costs even though the plan was to save over 50 percent, according to the report.

The report also included the results of a quarterly survey of 15,000 employees of Ford's Americas unit, who were selected randomly.

About half of the employees surveyed have confidence in Ford's long-term success and less than 45 percent believe the automaker's "Way Forward" plan is working, the person said, citing the report.
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Old 02-16-2007, 02:20 PM   #2
runnah
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So closing factories, laying off workers and using cheaper materials is somehow going to equal more profits?!

Maybe try paying CEO's and Execs less and offering a BETTER product.

Call me crazy but if you have a problem you pull it out at the root. You don't just just trim a few branches here and there and expect it to not grow back.
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Old 02-16-2007, 06:12 PM   #3
Hazdaz
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Quote:
Originally Posted by runnah View Post
Maybe try paying CEO's and Execs less and offering a BETTER product.
Yea, but the problem with your strategy, is that the people that would be making these big changes and cuts in pay would be cutting their OWN pay.

Not gonna happen (as much as I agree with you though)... these over-compensated executives will just keep on sucking FoMoCo dry and continue making bad business decisions until they themselves find a new job or are eventually layed off with their golden-parachute to cover them for many months. There isn't a huge incentive for them to make good decisions since after all they are already making many times the salary of their foreign (and more successful) counterparts.
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