Ford Motor Co President and CEO Alan Mulally smiles during an interview in Bangkok
Two top Ford Motor Co. executives who helped steer the U.S. automaker through the financial crisis will retire by April 1, thinning the ranks of potential candidates who could replace Chief Executive Alan Mulally in coming years. REUTERS

(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.

Ford Motor Company