Ford Motor Posts Adj. Loss In Q2; Revenue Down 50%

(RTTNews) - Ford Motor Company (F) reported a second quarter adjusted loss per share of $0.35 compared to profit of $0.28, prior year. On average, 14 analysts polled by Thomson Reuters expected the company to report a loss per share of $1.17, for the quarter. Analysts' estimates typically exclude special items. Adjusted EBIT was negative at $1.9 billion compared to adjusted EBIT of $1.7 billion, previous year. Ford noted that its adjusted EBIT result for the second quarter of 2020 excludes Argo AI gain.

Second quarter revenue declined 50 percent year-on-year to $19.4 billion. Analysts expected revenue of $15.95 billion for the quarter.

For third quarter, the company anticipates adjusted EBIT of $0.5 billion to $1.5 billion. For the fourth quarter, the company expects an adjusted EBIT loss. For full year 2020, the company projects an adjusted EBIT loss.

The company ended second quarter with more than $39 billion in cash, reflecting, in part, $10 billion in new debt during the quarter.

Shares of Ford Motor were up nearly 4% after hours.