DETROIT – Ford Motor Co said on Thursday it expects lower earnings per share in the first quarter and lower pretax profit in 2017 due to higher spending on commodities, warranties and investments and a drop in sales volumes especially fleet sales.
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Ford shares fell more than 1 percent to $11.65 in early trading after the announcement, which came in a short regulatory filing ahead of an investor presentation by the company's chief financial officer, Bob Shanks.
Ford said it expects to earn between 30 cents and 35 cents per share in the first quarter. Analysts on average have expected earnings per share of 47 cents, according to Thomson Reuters I/B/E/S.
The company said it expects a pretax profit for 2017 of $9 billion "which is lower than in 2016, driven by our planned investments in emerging opportunities, and to improve in 2018."
Analysts expect Ford to post pretax profit of $9.2 billion.
(Reporting By Nick Carey; Editing by Bernadette Baum)