Ford expects $2 bn loss in Q1 as virus shutdowns hit sales
Ford said Friday it expects a loss of about $2 billion in the first quarter as sales tumble following broad economic shutdowns throughout the US and Europe caused by the coronavirus.
Ford disclosed the expected loss in a securities filing. The company is slated to report results on April 28.
The automaker, which has shuttered production in the US and Europe, had said previously it expects revenues during the period of $34 billion, down 15.7 percent from the same timeframe a year ago.
Ford has said it is exploring a "phased" restart of auto plants in consultation with unions, dealers and other stakeholders. The company has suspended its dividend and share repurchases.
Shares rose 2.4 percent to $5.05 in mid-morning trading.
© 2020 AFP