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The popular automaker shut down several factories and revealed underwhelming sales figures for its first fiscal quarter due to the COVID-19 outbreak.
Ford’s shares tumbled by 6% in extended-hours trading on Tuesday after the news, reaching a price of $5.10 and erasing all of the previous gains that the company had made for the day. So far, the company’s shares have slid by a significant 42% for 2020 alone.
This, of course, resulted in reduced total earnings which amounted to $34.3 billion, auto sales and financing included. That’s a 14.9% decrease on a year-over-year basis. According to Ford’s CFO Tim Stone, the automaker forecasts its second quarter to be the weakest for its fiscal 2020 as it gears towards reopening several of its domestic plants.
That said, Stone also disclosed that the company is currently sitting on $35 billion in cash reserves—and that’s after paying its suppliers. According to his estimates, Ford can survive on this amount alone until the end of the year even if it doesn’t produce a single vehicle.
“Our objective is not to just withstand the crisis. We’re ensuring the flexibility to continue to invest in our future.”
Chief Financial Officer Tim Stone
In addition, Stone also confirmed the automaker’s plans to continue its $11 billion restructuring plan. Earlier this month, company representatives also confirmed that Ford’s Q1 sales have slumped by 12.5% compared to the same period a year ago. At the same time, the company suspended its quarterly dividend and annulled its previous financial guidance for 2020, citing the extremely volatile market conditions.
Upcoming earnings reports
See the full list of upcoming earnings reports for 4 – 8 May in the tables below.
Monday, 4 May 2020
| Country of origin | Company name | Fiscal period |
|---|---|---|
| USA | Williams Companies Inc | First quarter of 2020 |
| USA | American International Group Inc | First quarter of 2020 |
| USA | Tyson Foods Inc | Second quarter of 2020 |
| USA | Berkshire Hathaway Inc | First quarter of 2020 |
| India | ICICI Bank Ltd | Fourth quarter of 2020 |
| USA | Lannett Company Inc | Third quarter of 2020 |
| Great Britain | Liberty Global Plc | First quarter of 2020 |
Tuesday, 5 May 2020
| Country of origin | Company name | Fiscal period |
|---|---|---|
| USA | Sprint Corp | Fourth quarter of 2019 |
| USA | Electronic Arts Inc | Fourth quarter of 2020 |
| USA | Walt Disney Co | Second quarter of 2020 |
| USA | Devon Energy Corp | First quarter of 2020 |
| USA | Brinks Co | First quarter of 2020 |
| USA | Beyond Meat Inc | First quarter of 2020 |
| USA | Progressive Corp | First quarter of 2020 |
| USA | Exelixis Inc | First quarter of 2020 |
| USA | Allstate Corp | First quarter of 2020 |
| USA | SBA Communications Corp | First quarter of 2020 |
| USA | Pinterest Inc | First quarter of 2020 |
| USA | Mattel Inc | First quarter of 2020 |
| USA | Verisk Analytics Inc | First quarter of 2020 |
| USA | KLA Corp | Third quarter of 2020 |
| USA | Occidental Petroleum Corp | First quarter of 2020 |
| USA | Activision Blizzard Inc | First quarter of 2020 |
| USA | Expeditors International of Washington Inc | First quarter of 2020 |
| USA | Regeneron Pharmaceuticals Inc | First quarter of 2020 |
| Canada | Thomson Reuters Corp | First quarter of 2020 |
| USA | Henry Schein Inc | First quarter of 2020 |
| USA | Sysco Corp | Third quarter of 2020 |
| USA | Dominion Energy Inc | First quarter of 2020 |
| USA | Dupont De Nemours Inc | First quarter of 2020 |
| USA | Newmont Corporation | First quarter of 2020 |
| USA | Illinois Tool Works Inc | First quarter of 2020 |
| USA | TripAdvisor Inc | First quarter of 2020 |
Wednesday, 6 May 2020
| Country of origin | Company name | Fiscal period |
|---|---|---|
| USA | Zynga Inc | First quarter of 2020 |
| USA | Fitbit Inc | First quarter of 2020 |
| USA | GoDaddy Inc | First quarter of 2020 |
| USA | Bio Rad Laboratories Inc | First quarter of 2020 |
| USA | Marathon Oil Corp | First quarter of 2020 |
| USA | Equinix Inc | First quarter of 2020 |
| USA | Inseego Corp | First quarter of 2020 |
| USA | Fox Corp | Third quarter of 2020 |
| USA | Lyft Inc | First quarter of 2020 |
| USA | Sturm Ruger & Company Inc | First quarter of 2020 |
| USA | Etsy Inc | First quarter of 2020 |
| USA | Square Inc | First quarter of 2020 |
| USA | GrubHub Inc | First quarter of 2020 |
| USA | Apache Corp | First quarter of 2020 |
| USA | Hillenbrand Inc | Second quarter of 2020 |
| USA | Bungeltd | First quarter of 2020 |
| Canada | Shopify Inc | First quarter of 2020 |
| USA | Alexion Pharmaceuticals Inc | First quarter of 2020 |
| USA | McKesson Corp | Fourth quarter of 2020 |
| Canada | Barrick Gold Corp | First quarter of 2020 |
| USA | American Electric Power Company Inc | First quarter of 2020 |
| USA | Zoetis Inc | First quarter of 2020 |
| USA | Waste Management Inc | First quarter of 2020 |
| USA | Discovery Inc | First quarter of 2020 |
Thursday, 7 May 2020
| Country of origin | Company name | Fiscal period |
|---|---|---|
| USA | Yelp Inc | First quarter of 2020 |
| USA | GoPro Inc | First quarter of 2020 |
| USA | EOG Resources Inc | First quarter of 2020 |
| USA | Booking Holdings Inc | First quarter of 2020 |
| USA | Dropbox Inc | First quarter of 2020 |
| USA | Fiserv Inc | First quarter of 2020 |
| USA | Microchip Technology Inc | Fourth quarter of 2020 |
| USA | ACADIA Pharmaceuticals Inc | First quarter of 2020 |
| USA | Cognizant Technology Solutions Corp | First quarter of 2020 |
| USA | Motorola Solutions Inc | First quarter of 2020 |
| USA | Cloudflare Inc | First quarter of 2020 |
| USA | Hilton Worldwide Holdings Inc | First quarter of 2020 |
| USA | Raytheon Technologies Corp | First quarter of 2020 |
| USA | NRG Energy Inc | First quarter of 2020 |
| Canada | Enbridge Inc | First quarter of 2020 |
| USA | Stericycle Inc | First quarter of 2020 |
| USA | Liberty Media Corp | First quarter of 2020 |
| USA | Gannett Co Inc | First quarter of 2020 |
| USA | Bristol-Myers Squibb Co | First quarter of 2020 |
| USA | Duke Energy Corp | First quarter of 2020 |
| Israel | Teva Pharmaceutical Industries Ltd | First quarter of 2020 |
| USA | News Corp | Third quarter of 2020 |
| USA | HP Inc | Second quarter of 2020 |
| Taiwan | Himax Technologies Inc | First quarter of 2020 |
| USA | Wynn Resorts Ltd | First quarter of 2020 |
| Great Britain | Linde PLc | First quarter of 2020 |
| USA | PayPal Holdings Inc | First quarter of 2020 |
Friday, 8 May 2020
| Country of origin | Company name | Fiscal period |
|---|---|---|
| USA | Exelon Corp | First quarter of 2020 |
| USA | Broadridge Financial Solutions Inc | Third quarter of 2020 |
| USA | Marriott International Inc | First quarter of 2020 |
| China | JD.com Inc | First quarter of 2020 |
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