Ford Hits $1.6 Billion In Quarterly Profit
Ford Motor Company announced a Q4 net income of $1.6 billion. This puts Ford at their fourth straight full-year of profit. The company’s hit strong sales in North America, but was dragged down with a $732 million pretax loss in Europe.
The company will continue to be hit by high costs in Europe following restructuring actions and investments in new vehicles there. The company is expecting a $2 billion loss in Europe for 2013. Their forecast from earlier was $1.75 billion.
The good news is that the company’s overall revenues in the last quarter increased 5% to $36.5 billion. But the company’s net income fell 72% to $5.67 billion. The company’s annual revenues slipped 1% to $134.3 billion.
“The Ford team delivered strong results once again, underscoring that our One Ford plan is working,” stated Ford CEO Alan Mulally. “We are well positioned for another strong year in 2013.”This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry