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The company disclosed the amount on Friday in a modified file to the U.S. Securities and Exchange Commission, which warned investors that Ford would have reported a pre-tax loss of approximately $ 600 million for the quarter and a decline in ” about 16% of revenues.
The news had no impact on Ford shares, which rose about 5% during Friday morning trading to around $ 5.18 per share, as part of a larger gain on the market. The automaker’s shares are down about 44% this year.
Ford chief financial officer Tim Stone said in a statement on Monday that the company believed it had enough cash to spend “at least the end of the third quarter without incremental vehicle production and without wholesaling or financing actions” .
As of April 9, Ford regretted having approximately $ 30 billion in cash on its balance sheet, including $ 15.4 billion in debt products last month against two existing lines of credit.
Ford predicts total first quarter sales of around $ 34 billion, down 15.7% from $ 40.3 billion a year ago.
Ford did not have to release preliminary results, according to a company spokesperson. He said he did it because it was a “responsible” thing to do in these unprecedented times. General Motors and Fiat Chrysler have not released preliminary financial results for the first quarter.
GM, in a statement sent via email following Ford’s announcement on Monday, said it was “continuing to work aggressively to boost liquidity” before releasing its results on May 6.
GM shares also rose about 5% to around $ 21.90 during trading Friday morning. The automaker’s stock is down 39% this year.
Car manufacturers around the world have been forced to shut down mobile factories because of Covid-19. What started out as a problem in China earlier this year quickly became a basic supply problem, and then a global pandemic that shut down US facilities, which remain closed.
Pressured by the United Auto Workers union, Ford, GM and Fiat Chrysler announced plans to temporarily shut down factories due to the coronavirus on March 18. Fiat Chrysler announced plans to restart production on May 4 last week, while GM and Ford have yet to announce new dates to reopen their facilities.
Ford is expected to release its first quarter results on April 28.