(RTTNews) – Ford Motor Company (F) reported an adjusted loss consistent with a consistent percentage of $0.35 in the quarter, compared to a profit of $0.28 last year. On average, 14 analysts surveyed through Thomson Reuters expected the company to report a consistent loss with a steady percentage of $1.17 for the quarter. Analyst estimates exclude special items. Adjusted EBIT was negative at $1.9 billion compared to the adjusted EBIT of $1.7 billion the previous year. Ford noted that its adjusted EBIT profit for the 2020 quarter excluded Argo AI’s gain.
The second quarter fell 50% year-on-year to $19.4 billion. Analysts had predicted $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 corporation ended the quarter with more than $39 billion in cash, partially reflecting $10 billion in new debt in the quarter.
Ford Motor shares rose by only 4% after hours.