Ford: We Just Had One of Our Best Years Ever
Shares of Ford (NYSE:F) found buying support today, as the American automaker posted impressive financial results. In fact, Ford set annual pretax profit records around the globe.
On Tuesday, Ford reported that fourth-quarter income surged 90 percent to $3.04 billion (74 cents per share) compared to $1.6 billion (40 cents per share) a year earlier. Pretax operating profit declined $402 million to $1.28 billion (31 cents per share), but that was better than the 28 cents per share expected by analysts. Ford has now posted a pretax profit for 18 consecutive quarters.
Ford had one of its best years on record. Full-year 2013 pretax profit increased $603 million from last year to $8.6 billion ($1.62 per share). Conditions in Europe improved, while record profits were seen in North America and Asia Pacific and Africa. Furthermore, Ford had record market share in China, as wholesale volume in the world’s second largest economy was up 45 percent in the fourth quarter and about 50 percent for the full year.