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.

The Dearborn, Michigan, automaker said Tuesday 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, hit 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...