Ford Motor Company (F -0.37%) warned Friday that it will post a first-quarter net loss of about $2 billion on a sharp decline in sales due to the coronavirus pandemic.
In a new filing with the Securities and Exchange Commission on Friday morning, Ford said that it expects to report a net loss of about $2 billion for the first quarter, on revenue of roughly $34 billion. Both numbers fell short of the consensus Wall Street estimates as reported by FactSet, which call for net income of $278.3 million on revenue of $35.4 billion.
Image source: Ford Motor Company.
Ford's Friday filing with the SEC amends a prior statement made by the company on Monday, in which it disclosed the $34 billion revenue estimate and said that it expected an adjusted operating loss of roughly $600 million for the first quarter, but said that it had not yet calculated its tax obligations. It now estimates that it will have about $800 million in tax expenses for the quarter.
Ford will present its complete first-quarter earnings report after the market closes on April 28.
In a separate SEC filing on Friday, in which Ford said that it intends to raise money via a series of new bond issues, the company disclosed that its plans to restart production of some models could be affected by damage to a supplier's factory.
A BorgWarner (BWA -0.56%) factory in South Carolina suffered "significant damage" from a tornado on April 13, Ford said; that factory supplies parts for the four-wheel-drive versions of several Ford truck and SUV models. Ford said that it's not yet clear how long it will take to resume production of the parts.
Ford has not yet disclosed how much money it intends to raise via the bond issues, or when those bonds will be sold. The company had about $30 billion on hand as of April 9.
