Ford Motor Co. says it lost $1.4 billion in the first quarter, but it burned through less money as it continued to restructure without government aid during a severe auto sales downturn.
The nation's second-largest automaker said Friday that it spent $3.7 billion more than it took in during the quarter, but that's far less than the $7.2 billion the company burned through in the fourth quarter.
Ford lost 60 cents per share, compared with a gain of 3 cents per share a year ago. Excluding special items such as gains from the company's debt restructuring, the company lost 75 cents per share.
Analysts predicted a loss of $1.23 per share.
Revenue fell 37 percent to $24.8 billion, better than the $22 billion analysts expected with Ford's U.S. sales down 43 percent from last year.