Ford Motor Co posted an 80 percent drop in fourth quarter earnings after a charge on debt payments but raised its forecast for North American production in the current quarter and its outlook for full-year industry sales.

Fourth-quarter net income fell to 5 cents per share from 25 cents per share after a $960 million charge for completing a debt conversion in the third quarter, the company said.

(Reporting by Bernie Woodall and Kevin Krolicki; Editing by Derek Caney)