On Monday, Ford said that it expects to post a loss of around $600 million when it reports first-quarter earnings at the end of April.
The carmaker, which was in the middle of an $11 billion restructuring prior to the COVID-19 outbreak, didn't estimate it losses on a per-share basis.According to CFO Tim Stone, "Ford's first-quarter vehicle wholesales were down 21 percent from a year ago, largely as a result of lower production and demand related to the coronavirus."
With close to $30 billion on hand, Stone said the company believes it has "sufficient cash today to get us through at least the end of the third quarter with no incremental vehicle production and wholesales or financing actions." However, Ford said, "The company is considering a scenario for a phased restart of its manufacturing plants, supply network and other dependent functions beginning in the second quarter, with enhanced safety standards in place to protect workers."
This episode discusses what to expect on the stocks market moving on.
Their Share price was in the crapper way before Covid-19, and indicative of how things were not going.