AFP
1 minute read
17 Apr 2020
7:23 pm

Ford expects $2bn loss in Q1 as virus shutdowns hit sales

AFP

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 said it expects a loss of about $2 billion in the first quarter as broad economic shutdowns throughout the US and Europe hammer sales. GETTY IMAGES NORTH AMERICA/AFP/File/JUSTIN SULLIVAN

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.