DEARBORN, Mich. (AP) – Ford Motor Co.’s net income fell by 35 percent to $1.6 billion in the first quarter as results were hit by costly recalls, lower sales and rising prices for steel and other materials.
Without one-time items, including a gain from the closure of a planned plant in Mexico, Ford earned 39 cents per share. Wall Street expected earnings of 35 cents per share, according to analysts polled by FactSet.
The Dearborn-based automaker told investors and analysts last month that it expected weaker first-quarter results. Last year’s first quarter was an all-time record for the company.
Ford says it remains on track to earn a full-year pretax profit of $9 billion. That’s down from $10.4 billion in 2016.
Ford’s revenue climbed 4 percent to $39 billion in the first quarter.