Ford, in a US regulatory filing said it expects a Q1 net loss of US$2bn.
In an earlier filing dated 13 April, it announced certain some first quarter 2020 financial results but was unable to include its expected net income/(loss) for the quarter because it had not yet calculated its preliminary tax expense.
Go deeper with GlobalData
Now it expects to report revenue of about $34bn, a net loss of about $2bn, and adjusted EBIT of about $0.6bn, which excludes pre-tax special item charges of about $0.3 billion, interest expense on debt (excluding Ford Credit debt) of about $0.2bn, and tax expense (including a valuation allowance related to deferred tax assets) of about $0.8bn.
Adjusted EBIT, a non-GAAP measure, is useful because it allows management and investors to evaluate Ford's operating results aligned with industry reporting.
Ford said it had not yet completed the close of its first quarter 2020 books, and the preliminary financial data had not been subject to review or other procedures by the independent auditor.
Announcement of first quarter financial results, including estimates of the economic effects of the COVID-19 pandemic on the business, is planned for 28 April.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataEarlier report: Ford's journey to the post-Covid business landscape starts with survival
