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.
Hans Ahlström is the host of several programs including the daily musical variety show Weekday, the mostly straight ahead jazz show Night Studio, the self explanatory Blues Today, and the eclectic Sound Spectrum. You can also hear Hans as the local host of NPR's All Things Considered news magazine. He also helps manage Public Radio 90's web content, interviews local and visiting writers and artists, works with NMU student interns, and writes the occasional news story.