Ford Motor Co. (NYSE:F) reported $3.04 billion in net income, or 74 cents per share, on $37.6 billion in revenue for the fourth quarter of 2013, blasting Wall Street expectations on strong North American and Asian performance. For the year, the world’s fifth-largest automaker said it booked $7.15 billion in net profit, or $1.76 per share, on $146.9 billion in revenue.
The news that Ford shattered analysts' forecasts sent the company’s shares up more than 2 percent in premarket trading in New York minutes after the company posted the results.
Net income increased from the year-ago period despite pre-tax special charges of $1.6 billion, largely from costs associated with European restructuring and the completion of a U.S. salaried retiree voluntary lump-sum payout program.
“We had an outstanding year in 2013, demonstrating that our One Ford plan continues to drive solid results and profitable growth for all,” said Alan Mulally, Ford president and CEO, referring to the company’s ongoing aggressive restructuring program. “We are well positioned for another solid year in 2014.
“Although Ford has recently indicated that it expects to see pretax earnings dip in 2014, the storied U.S. automaker couldn’t be in a better position from a product perspective,” said Alec Gutierrez, senior analyst at automotive pricing and information provider Kelley Blue Book. “Ford has had a series of home runs in recent years with vehicles such as the Fiesta, Focus, Escape, and Fusion rising to the top of each of their respective segments. These models have helped to demonstrate that Ford can produce cars and SUVs that compete with the best in the world while the F-Series pickup remains in a dominant position despite a redesigned Silverado, Ram, and Tundra to contend with."