Summary
This 8-K/A filing from Ford Motor Company amends a previous report by providing updated preliminary financial results for the first quarter of 2020. The company now expects to report approximately $34 billion in revenue, with a net loss of roughly $2 billion. Adjusted EBIT is projected to be around $(0.6) billion, after accounting for approximately $0.3 billion in pre-tax special item charges, $0.2 billion in interest expense (excluding Ford Credit debt), and $0.8 billion in tax expense, which includes a valuation allowance related to certain deferred tax assets. These preliminary figures have not yet been audited. Ford plans to release its full first quarter financial results, including the estimated impact of COVID-19, on April 28, 2020. The filing also reiterates a broad range of risks that could continue to affect Ford's financial condition and operations, including the ongoing impact of the COVID-19 pandemic, execution of strategic plans, product defects, cyber incidents, supply chain disruptions, labor issues, market acceptance, and various economic and geopolitical factors.
Key Highlights
- 1Ford is amending its prior 8-K to include preliminary Q1 2020 financial results.
- 2Expected Q1 2020 revenue is approximately $34 billion.
- 3Projected Q1 2020 net loss is approximately $(2) billion.
- 4Adjusted EBIT for Q1 2020 is expected to be around $(0.6) billion.
- 5Significant tax expense of approximately $0.8 billion, including a valuation allowance, is contributing to the loss.
- 6These are preliminary results and have not been audited.
- 7Full Q1 2020 results, including COVID-19 impacts, are expected on April 28, 2020.