Ford foresees $2 billion loss in first quarter
Ford Motor Co. F, -1.78% warned Friday of a large surprise loss and a revenue miss, but shares rose in premarket trading as part of a broader stock market rally amid optimism over a potential COVID-19 treatment. Ford said it expects report a first-quarter net loss of about $2 billion, while the FactSet consensus was for net income of $278.3 million.
The automaker said revenue is expected to be about $34 billion, below the FactSet consensus of $35.4 billion. Ford said it plans to report first-quarter results, as well as estimates on the effect of the COVID-19 pandemic on its business, on April 28. The stock climbed 4.7% ahead of the open, as futures YM00, +2.87% for the Dow Jones Industrial Average DJIA, +0.14% jumped 679 points.
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