Ford's quarterly loss much narrower than a year earlier; announces new round of hourly worker buyouts.
Embattled Ford Motor capped a difficult year by trimming its quarterly loss and announcing a new round of companywide buyouts for its remaining 54,000 hourly U.S. workers.
The buyouts are part of the company's continued effort to end three years of losses on its core automotive operations. Despite the latest improvements and plans for further cost cuts, the automaker warned it expected losses to continue this year.
Ford (F, Fortune 500) shares fell nearly 1 percent in premarket trading.
Ford, which lost its long-held position as the nation's No. 2 automaker to Japanese rival Toyota Motor (TM) last year, lost $429 million, or 20 cents a share, in the fourth quarter, excluding special items.
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