Ford's stock drops after profit plunges, pension expenses hammer bottom line

DETROIT (AP) — Ford Motor Co.'s profit last year plunged by more than $3.6 billion, weighed down by slowing U.S. sales, the cost of a botched SUV launch and some big pension expenses.

Ford's shares slid in after-hours trading on the news.

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The Dearborn, Michigan, automaker said it made $47 million in 2019, down from a $3.68 billion profit a year earlier. For the fourth quarter the company lost $1.7 billion, or 42 cents per share, weighed down by $2.2 billion in one-time pension costs.

Excluding one-time items, Ford made 12 cents per share for the quarter, falling short of Wall Street's expectations. Analysts polled by FactSet predicted 17 cents per share.

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Quarterly revenue fell 5% to $39.7 billion, about even with Wall Street estimates.