Ford projects adjusted pretax loss of $5 billion in the second quarter
Signage is displayed outside the idled Ford Motor Co. Michigan Assembly plant in Wayne, Michigan, U.S., on Monday, March 23, 2020.
Anthony Lanzilote | Bloomberg | Getty Images
Ford Motor lost $2 billion during the first quarter and warned investors that it expects its adjusted pretax loss to top more than $5 billion during the second quarter as the company grapples with the fallout from the coronavirus pandemic that’s shuttered factories and devastated sales.
The automaker’s total revenue, which includes auto sales and financing, slid 14.9% to $34.3 billion. The coronavirus had a “negative effect” of at least $2 billion on the company’s performance during the first three months of the year, Ford said.
The outbreak significantly hobbled Ford’s performance, “as protecting people and helping society respond to the crisis became primary measures of current success alongside balance-sheet management and operational excellence,” …continued .
[Source: CNBC News]