(REUTERS) -- Ford Motor Co reported a lower-than-expected fourth-quarter profit on Friday due to higher commodity costs and losses in its automotive operations in Europe and Asia.

Excluding one-time items, the No. 2 U.S. automaker's operating profit fell to $1.1 billion, or 20 cents per share, from nearly $1.3 billion, or 30 cents per share, a year earlier.

Analysts, on average, expected an adjusted profit of 25 cents per share, according to Thomson Reuters I/B/E/S.

Ford reported a net income of $13.6 billion, or $3.40 per share, buoyed by a one-time tax-related gain of $12.4 billion. A year earlier, Ford posted net income of $190 million, or 5 cents per share.

The company's higher net income was due to an accounting change that Ford said reflects its confidence in its long-term profit outlook. The one-time gain resulted in a full-year net income of $20.2 billion, the highest annual profit since 1998.