Ford Motor Co 8-K/A, filed Apr 17, 2020
Ford Motor Co (F)
8-K/A
2020-04-17
For: 2020-04-13
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Added on
April 08, 2026
About this 8-K/A
Ford Motor Co filed this 8-K/A on April 17, 2020, reporting on events of April 13, 2020.
Items reported
- Item 2.02: Financial results
- Item 7.01: Regulation FD disclosure
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K/A
(Amendment No. 1)
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: April 13, 2020
(Date of earliest event reported)
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation)
(Commission File Number) | (IRS Employer Identification No.) | ||
(Address of principal executive offices) | (Zip Code) | ||
Registrant’s telephone number, including area code 313 -322-3000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
(17 CFR 240.14d-2(b))
(17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
Item 7.01 Regulation FD Disclosure.
In a Form 8-K filing dated April 13, 2020, Ford Motor Company (“Ford”) announced certain preliminary first quarter 2020 financial results. At the time of the announcement, Ford was unable to include in its announcement its expected net income/(loss) for the quarter because it had not yet calculated its preliminary tax expense. Ford is now amending the 8-K to include the following:
For the first quarter of 2020, Ford currently expects to report revenue of about $34 billion, net income/(loss) of about $(2) billion, and adjusted EBIT of about $(0.6) billion, which excludes pre-tax special item charges of about $0.3 billion, interest expense on debt (excluding Ford Credit debt) of about $0.2 billion, and tax expense (including a valuation allowance related to certain deferred tax assets) of about $0.8 billion. Adjusted EBIT, a non-GAAP measure, is useful because it allows management and investors to evaluate Ford’s operating results aligned with industry reporting.
Ford has not yet completed the close of its first quarter 2020 books, and the preliminary financial data have not been subject to review or other procedures by the company’s independent auditor. The company’s announcement of first quarter financial results, including estimates of the economic effects of the COVID-19 pandemic on the business, is planned for April 28, 2020.
The information in these Items 2.02 and 7.01 is deemed “furnished” and not “filed” under Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Cautionary Note on Forward-Looking Statements
Statements included or incorporated by reference herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts, and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including, without limitation:
• | Ford’s financial condition and results of operations have been and may continue to be adversely affected by public health issues, including epidemics or pandemics such as COVID-19; |
• | Ford’s long-term competitiveness depends on the successful execution of global redesign and fitness actions; |
• | Ford’s vehicles could be affected by defects that result in delays in new model launches, recall campaigns, or increased warranty costs; |
• | Ford may not realize the anticipated benefits of existing or pending strategic alliances, joint ventures, acquisitions, divestitures, or new business strategies; |
• | Operational systems, security systems, and vehicles could be affected by cyber incidents; |
• | Ford’s production, as well as Ford’s suppliers’ production, could be disrupted by labor issues, natural or man-made disasters, financial distress, production difficulties, or other factors; |
• | Ford’s ability to maintain a competitive cost structure could be affected by labor or other constraints; |
• | Ford’s ability to attract and retain talented, diverse, and highly skilled employees is critical to its success and competitiveness; |
• | Ford’s new and existing products and mobility services are subject to market acceptance; |
• | Ford’s results are dependent on sales of larger, more profitable vehicles, particularly in the United States; |
• | With a global footprint, Ford’s results could be adversely affected by economic, geopolitical, protectionist trade policies, or other events, including tariffs and Brexit; |
• | Industry sales volume in any of our key markets can be volatile and could decline if there is a financial crisis, recession, or significant geopolitical event; |
• | Ford may face increased price competition or a reduction in demand for its products resulting from industry excess capacity, currency fluctuations, competitive actions, or other factors; |
• | Fluctuations in commodity prices, foreign currency exchange rates, interest rates, and market value of our investments can have a significant effect on results; |
• | Ford and Ford Credit’s access to debt, securitization, or derivative markets around the world at competitive rates or in sufficient amounts could be affected by credit rating downgrades, market volatility, market disruption, regulatory requirements, or other factors; |
• | Ford’s receipt of government incentives could be subject to reduction, termination, or clawback; |
• | Ford Credit could experience higher-than-expected credit losses, lower-than-anticipated residual values, or higher-than-expected return volumes for leased vehicles; |
• | Economic and demographic experience for pension and other postretirement benefit plans (e.g., discount rates or investment returns) could be worse than Ford has assumed; |
• | Pension and other postretirement liabilities could adversely affect Ford’s liquidity and financial condition; |
• | Ford could experience unusual or significant litigation, governmental investigations, or adverse publicity arising out of alleged defects in products, perceived environmental impacts, or otherwise; |
• | Ford may need to substantially modify its product plans to comply with safety, emissions, fuel economy, autonomous vehicle, and other regulations that may change in the future; |
• | Ford and Ford Credit could be affected by the continued development of more stringent privacy, data use, and data protection laws and regulations as well as consumer expectations for the safeguarding of personal information; and |
• | Ford Credit could be subject to new or increased credit regulations, consumer protection regulations, or other regulations. |
We cannot be certain that any expectation, forecast, or assumption made in preparing forward-looking statements will prove accurate, or that any projection will be realized. It is to be expected that there may be differences between projected and actual results. Our forward-looking statements speak only as of the date of their initial issuance, and we do not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events, or otherwise. For additional discussion, see “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019, as updated by our subsequent filings with the Securities and Exchange Commission.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FORD MOTOR COMPANY | ||
(Registrant) | ||
Date: April 17, 2020 | By: | /s/ Corey M. MacGillivray |
Corey M. MacGillivray | ||
Assistant Secretary | ||
* | Any reference in the attached exhibit(s) to our corporate website(s) and/or other social media sites or platforms, and the contents thereof, is provided for convenience only; such websites or platforms and the contents thereof are not incorporated by reference into this Report nor deemed filed with the Securities and Exchange Commission. | |
** | Submitted electronically with this Report in accordance with the provisions of Regulation S-T. | |