The coronavirus pandemic crushed Ford's Q1 earnings, but the company has enough cash to deal with the crisis

• Ford reported $34.3 billion in Q1 revenue and a loss of $2 billion on an un-adjusted basis.
• CFO Tim Stone said that the company has a sufficient cash position to sustain its business through 2020, even without a resumption of production, suspended by the coronavirus pandemic in the US and Europe; or wholesales to dealers.
• Ford shares declined in after-hours trading; year-to-date, the stock is down over 40%.
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Ford reported first-quarter earnings on Tuesday after the bell, and they were rough. Topline revenue was $34.3 billion, down from the first quarter in 2019. The company lost $2 billion on a un-adjusted basis, or $0.50 per share. On an adjusted basis, the loss was $0.23 per share.

The stock declined 5% on the results, hovering just above $5, in after-hours trading. Year-to-date, shares have declined 42%.

On a conference call with the media after earnings were released, CFO Tim Stone said that the $2 billion loss was almost entirely due to coronavirus, as Ford was compelled to shut down US and European manufacturing in March. He said that without the pandemic, the company has been on track to achieve its objectives for the quarter.

Stone also said that Ford expects to lose $5 billion in the second-quarter, as the pandemic severely impacts the company.

Stone added that with $35 billion in cash on its balance sheet, Ford would be "able to invest and sustain the business through the end of the year, even if there is no production and wholesales, which we don't expect to be case."

Ford is in the midst of an $11-billion restructuring under CEO Jim Hackett, which Stone said would continue.

Earlier this year, Ford suspended its dividend and tapped lines of credit to bolster its balance sheet.

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