New York, NY, United States (4E) – Ford Motor Co. announced profits of $1.6bn in the fourth quarter amid strong performance in North America, although the second-largest auto maker in the U.S. warned a bigger, $2bn operating loss in Europe in 2013.
The Dearborn, Mich.-based company earned 31 cents per share in the previous quarter, compared to the adjusted 20 cents per share during the same period in 2011, beating analysts’ estimate of 25 cents per share.
Revenues in the fourth quarter jumped 5 per cent to $36.5bn, higher than the Street’s forecast of $33.5bn. For the full-year 2012, Ford’s profits stood at $5.7bn, or $1.42 a share, down from the previous year by $300mn.
Ford predicts total operating profits for 2013 will be similar to the $7.96bn recorded last year. The company said that this year’s profits would rely heavily on its North American market amid the continuing slowdown in Europe, currency hits in Latin America and investments in Asia.
Ford Motor Credit, the company’s financing arm, posted pretax earnings of $414mn, lower than the $506mn recorded in the previous year. Profits for 2012 declined to $1.7bn, compared with $2.4bn a year ago.
The company has $14.3bn debt and $10bn in net cash by the end of the quarter.