Ford 4Q profit beats forecasts; revenue up 4 pct

Ford Motor Co enjoyed one of the best years in its history in 2013, but the celebration won't last long.
Ford has already warned that profits will be down this year as it launches a record 23 vehicles and builds seven plants around the world. It's anticipating 13 weeks of down time up from five in 2013 at its two US pickup truck plants to prepare for the launch of a new aluminum-clad F-150. And instability in South America and price competition in the US are constant threats.
"This is sort of a preparation year, as we consolidate the gains of the past and prepare for even stronger growth in the future," Ford's Chief Financial Officer Bob Shanks told reporters today.

In 2013, though, Ford powered to a full-year profit of USD 7.2 billion, or USD 1.76 per share. On a pretax basis, Ford made USD 8.56 billion, its second-highest pretax profit in a decade after the USD 8.8 billion in earned in 2011.
Full-year revenue rose 10 per cent to USD 146.9 billion.
Dearborn, Michigan-based Ford posted record pretax profits in North America and Asia. Full-year North American profits were up 5 per cent to USD 8.8 billion, thanks in part to big demand for Ford pickups as the US economy improved. Ford was the only major automaker to see a double-digit US sales gain, at 11.7 per cent.

Because of Ford's strong North American performance, its 47,000 US hourly workers will get about USD 8,800 each in profit sharing payments on March 13, up from USD 8,300 in 2012, the company said. That's a record amount.

Unionised workers at Ford, GM and Chrysler all agreed in 2011 to take profit-sharing over pay raises. The checks at Ford will be the highest in the industry.
Ford also grew at a fast clip in Asia. Its sales jumped 49 per cent to more than 935,000 in China thanks to new vehicles like the EcoSport and Kuga SUVs. Ford earned a record USD 415 million in its Asia Pacific and Africa region last year.

Ford narrowed its losses in Europe to USD 1.6 billion but swung to a USD 34 million loss in South America, where new products helped increase sales but high inflation and weakened currencies cut into profits.