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| By Chris Isidore, CNNMoney.com senior writer Last Updated: January 29, 2009: 7:59 AM ET NEW YORK (CNNMoney.com) -- Ford Motor reported that its ongoing losses soared in the fourth quarter, but the company reiterated it still does not need the federal bailout already received by its two U.S. rivals. Ford reported a net loss of $5.9 billion, or $2.46 a share, up from a loss of $2.8 in the same quarter a year ago. For the full year, Ford lost $14.6 billion, and the company has now lost nearly $30 billion over the past three years. Excluding special items, losses were $3.3 billion, or $1.37 a share. Analysts surveyed by Thomson Reuters were forecasting a loss of $1.30 a share on this basis. Separately, the company's Ford Credit arm confirmed that it was eliminating 1,200 jobs, or about 20% of its staff, due to lower sales. In addition to suffering from weak demand for vehicles, Ford also sold its Jaguar, Land Rover and Mazda brands last year. Ford (F, Fortune 500) burned through $5.5 billion in cash during the quarter. That left the company with gross cash of $13.4 billion as of the end of 2008. Link to Article |