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.
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.