Ford Motor company lost $2 billion during the first quarter and projects a $5 billion pre-tax loss in the second quarter, as a result of the coronavirus pandemic.

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 earnings during the first three months of the year, Ford said.

The outbreak significantly hindered 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,” the company said.

Ford Chief Financial Officer Tim Stone said the automaker expects the second quarter to be the most impacted by the coronavirus pandemic as it plans to execute a phased reopening of domestic plants beginning as early as next month.

“Our objective is not to just withstand the crisis,” Stone told reporters on Tuesday. “We’re ensuring the flexibility to continue to invest in our future.”

Stone said an $11 billion restructuring plan for the automaker into the early 2020s remains “on track.” 

Ford suspended its quarterly dividend and pulled its 2020 guidance last month as it shuttered its U.S. plants due to Covid-19. The company, citing the volatility of the economic environment, did not announce a new 2020 forecast.

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