The automaker said Tuesday that its revenue from January through March fell nearly 16% to $31.3 billion as most of its factories were shut down for the final week of the quarter.
QUARTERLY REPORT
Coronavirus Sends Ford To $2B 1Q Loss
DETROIT (AP) — Ford Motor Co. posted a $2 billion first-quarter net loss, blaming nearly all of it on the negative effects of the coronavirus.
The automaker said Tuesday that its revenue from January through March fell nearly 16% to $31.3 billion as most of its factories were shut down for the final week of the quarter.
The company lost 50 cents per share. That was worse than Wall Street estimates of an 8-cent-per-share loss, according to FactSet.
Earlier this month the Dearborn, Michigan, company floated $8 billion in bonds at interest rates ranging from 8.5% per year to 9.625% in an effort to prepare for the downturn. They mature from 2023 to 2030.
North American factories at Ford and other automakers have been shut down since late March, cutting off the companies’ main source of revenue. Some companies have announced plans to restart factories but Ford, General Motors and Fiat Chrysler still are negotiating a date with the United Auto Workers union.
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