A dubious record at Ford

NEW YORK (CNNMoney.com) -- Ford Motor Co. reported the largest annual loss in company history Thursday, as the embattled automaker posted a fourth-quarter loss that was much worse than analysts' expectations.

Ford (Charts) posted a fourth quarter loss from continuing operations of $2.8 billion, or $1.50 a share, excluding special items. That compares with a loss of $1.9 billion, or $1 a share on that basis a year earlier.

Analysts surveyed by earnings tracker First Call had forecast a loss of $1.01 a share, with estimates ranging from a loss of 75 cents a share to $1.52.

The loss put the 2006 full-year net loss at $12.7 billion, compared to restated net income of $1.4 billion in 2005, when earnings from its credit unit overcame auto losses. The company's worst loss on record was 1992, when a charge for a change in accounting practices led to a net loss of $7.4 billion.

The last time the company posted a full-year loss was 2002.

And while the company said its net loss for 2007 should not be as steep as 2006's due to lack of charges for more than half of the U.S. hourly employees taking buyouts or retirement packages, it warned that losses excluding special items would be worse this year than in 2006.

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