This is precious!<G>
cbs.marketwatch.com
Ford upbeat on recovery, future
Annual meeting sees optimism at centennial
By August Cole, CBS.MarketWatch.com
Last Update: 6:34 PM ET June 16, 2003
SAN FRANCISCO (CBS.MW) -- Bill Ford Jr., heir and top executive of Ford Motor Co., said Monday that the No. 2 automaker is on track with its restructuring plan and expects to register a "slight increase" in its share of the U.S. market this year.
Addressing shareholders at the company's annual meeting in its hometown of Dearborn, Mich., Ford said that cost-cutting and production changes under way would help the company (F: news, chart, profile) bring new products to market faster and for less money than had been possible in the past.
"It will help us build the strong business we need to stay competitive," he said as the company marks its 100th anniversary.
Separately, CFO Allan Gilmour affirmed the company's earnings target of 70 cents a share, saying: "We're expecting improved conditions in the second half." Still, Gilmour noted that pricing remains weak in both the U.S. and Europe.
Mmmm-hmmm, improved conditions, except that we can't pass along our cost increases to our customers! HO HO HO! |
