In comparison with a year ago, the biggest improvement reflected cost reductions and favorable net pricing.
It was a tough quarter -- no question. But we have a plan to rectify this.
Barbara has served Ford well in her role in Investor Relations. She always put the Company's interests first, and we wish her well in her future endeavors.
Although the decision Moody's made today is disappointing, it doesn't shake our determination to achieve continued success as a global automaker.
Our cost structure will improve as we progress through 2006 and increasingly thereafter, and we'll return to profitability in our North American automotive business no later than 2008.
It's very reasonable to assume that we are going to have a payback coming.
This transaction reinforces our commitment to strengthening our balance sheet and investing in our core automotive business.
