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Ford slid over 5% in premarket trading though it showed a bullish 2022 outlook.

It earned $12.3 billion, or $3.03 a share, in the fourth quarter, swinging from a loss of $2.8 billion, or 70 cents a share, in the year-ago quarter. Adjusted for one-time items, Ford said it earned 26 cents a share.

Ford sales rose 5% to $37.7 billion. Analysts polled by FactSet expected the auto maker to report adjusted earnings of 45 cents a share on sales of $41.2 billion.

Chief Financial Officer John Lawler said during a call with reporters that Ford expects 2022 earnings before interest and taxes to grow by 15% to 25%, outpacing the predicted 10-15% increase in vehicle production. Ford should hit an 8% pretax profit margin this year, a year ahead of schedule, he said.