CNBC's Phil LeBeau reports on Ford's preliminary first quarter numbers after the coronavirus pandemic. The company is considering a phased resumption of production. Ford Motor expects to report an adjusted pretax loss of about $600 million for the first quarter as the coronavirus depresses sales and production.
The automaker said Monday that it couldn’t yet provide an accurate estimate of its total earnings, but told investors the pretax estimate excludes $300 million in special items. In the first quarter of 2019, Ford posted first-quarter net income of $1.15 billion, and earned $2.4 billion after adjustments.
Ford said total revenue for the first quarter is expected to be about $34 billion, down 15.7% from $40.3 billion a year ago.
Ford’s stock was down more than 5% during Monday morning trading at around $5.05. Shares of the automaker, which last month had its credit rating cut to junk status by rating agency S&P Global, are down more than 40% this year.
The company believes it has enough cash to get it through “at least the end of the third quarter with no incremental vehicle production and wholesales or financing actions,” said Ford CFO Tim Stone in a release.
As of Thursday, Ford sad it had about $30 billion in cash on its balance sheet, including $15.4 billion of proceeds from borrowings last month against two existing credit lines.
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