DETROIT (AP) — Ford Motor Co. says its first-quarter earnings will be about 50 percent lower than last year because of increasing costs and lower sales.
In a call with investors, the company said it expects to earn between 30 and 35 cents per share in the first quarter. That's down from 68 cents a year ago.
The forecast fell short of analysts' expectations. Analysts polled by FactSet had forecast earnings of 47 cents per share.
Ford's shares fell 1 percent to $11.64 in morning trading.
Ford will release its full first-quarter earnings next month.
Chief Financial Officer Bob Shanks says lower sales and increased costs of engineering electric and self-driving vehicles will impact earnings in the first quarter.
Ford expects to earn $9 billion in 2017, down from $10.4 billion in 2016.