Ford investors keen for details on when automaker will restart U.S. operations [Reuters]
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Source: Reuters
Ford investors keen for details on when automaker will restart U.S. operations DETROIT, April 28 (Reuters) - Investors already know how the coronavirus outbreak has hurt Ford Motor Co’s bottom line, so when the automaker releases first-quarter results on Tuesday they will focus on how and when Ford plans to restart North American operations. Ford said on April 17 that the outbreak would result in an estimated first-quarter loss of about $2 billion. That warning came the same day the Dearborn, Michigan-based company raised $8 billion from corporate debt investors. Last month, Ford moved to hoard cash on its balance sheet, drawing down $15.4 billion from two credit lines and suspending its dividend, in a move to bolster reserves to ride out damage to its business. It also abandoned its 2020 financial forecast. Virtually all U.S. automotive production ground to a halt in March as the number of COVID-19 infections grew rapidly. However, with President Donald Trump pushing for Americans to
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