Ford posts $1.4 billion 1Q loss, burns through less cash while restructuring without gov’t aidDEARBORN, Mich. — Ford Motor Co. reported a first-quarter loss of $1.4 billion Friday and said it burned through less of its cash, emphasizing that it doesn’t expect to seek any of the government assistance that is keeping the rest of the Detroit Three alive. General Motors’ lengthy shutdown of plants this summer threatens to have far-reaching impactDETROIT — General Motors ‘ decision to shut down 13 assembly plants for up to 11 weeks this summer will disrupt far more than the lives of nearly 24,000 workers, rippling out to damage part suppliers, local businesses and state economies. YRC Worldwide posts sharply wider 1st-quarter loss on hefty charges, much lower revenueKANSAS CITY, Mo. — YRC Worldwide Inc., one of the nation’s largest trucking companies, on Thursday reported a larger-than-expected first-quarter loss as hefty restructuring charges exacerbated a big drop in shipments amid the dismal economy. General Motors starts telling workers about plans to temporarily close most US factoriesDETROIT — General Motors Corp. is starting to tell its workers about plans to temporarily close most of its factories for more than two months to control inventories due to sagging sales. IGT rises even as 2nd-quarter profit drops on restructuring charges, lower salesNEW YORK — Shares of International Game Technology climbed Thursday even after the slot machine maker said its second-quarter profit tumbled 44 percent as it restructured to cope with declining sales. Marriott loses $23M in 1st-quarter, but adjusted results beat Wall Street’s expectationsBETHESDA, Md. — Amid a restructuring as its timeshare and hotel business weakened, Marriott International Inc. lost $23 million in its first quarter but the adjusted results surpassed analysts’ estimates, the company said Thursday. Once sequestered in a teabag plant, French executive tells others how not to get ‘boss-napped’PARIS — When Gilles Verrier’s clients call to say they’re “held up at the office,” he knows there’s more on the line than after-work drinks. UAW meeting with GM officials this week on production changes, may include summer shutdownDETROIT — Thousands of GM workers could learn as early as Thursday that they will be idle for up to nine weeks this summer as the automaker’s plants stop making all but its most popular cars and trucks. GE executive says economic crisis resetting capitalism, can’t predict when recession endsWASHINGTON — The top executive of General Electric Co. said Wednesday he couldn’t predict when the recession would end or how bad it will be, but said the global economic crisis has “fundamentally reset” the way companies do business and capitalism itself. Ingersoll-Rand clarifies 2009 outlook, suggests results won’t be as bad as previously thoughtNEW YORK — Ingersoll-Rand Co. on Wednesday provided greater clarity on its full-year guidance, suggesting that the diversified industrial manufacturer’s 2009 results will not be as bad as previously thought. Ford expected to lower cash burn rate in first quarter following labor and production cutsDETROIT — Ford Motor Co. is scheduled to report earnings for the first quarter on Friday. The following is a summary of key developments and analyst opinion related to the period. Altria Group 1Q profit falls 76 pct on items, adjusted results beat viewRICHMOND, Va. — Altria Group Inc., the nation’s biggest cigarette maker, said Wednesday its profit skidded 76 percent in the first quarter due to the spinoff of its international tobacco business, charges related to its purchase of UST and interest expenses. Ingersoll-Rand posts loss in 1st quarter but beats Wall Street estimates on cost cuttingNEW YORK — Ingersoll-Rand Co. said Wednesday it fell to a loss in the first quarter but the diversified industrial manufacturer topped Wall Street’s expectations, due in part to cost cutting. Elevator, heating equipment results push down first-quarter profit at United TechnologiesHARTFORD, Conn. — United Technologies Corp. said Tuesday its first-quarter profit fell 28 percent, as frail construction markets dragged down orders for its Otis elevators and Carrier heating and ventilation systems. Lenders offer to swap $2.5B of Chrysler’s debt for equity, but won’t give up all they’re owedDETROIT — Banks and hedge funds that hold $6.9 billion in Chrysler LLC debt have proposed forgiving $2.5 billion of it in exchange for about a 40 percent stake a Chrysler-Fiat alliance, according to two people briefed on the proposal. GM executives say car maker plans continued expansion in China, despite US financial woesSHANGHAI — Dealing with the crisis at General Motors Corp. kept new CEO Fritz Henderson from traveling to Shanghai’s auto show, but executives say the company intends to continue growing in China regardless of how its financial mess is resolved. |
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