Ford Posts Profit on Strength in U.S Pickup Truck Sales
January 28 2016 - 8:10AM
Dow Jones News
Ford Motor Co. reported fourth-quarter net income of $1.9
billion, or 47 cents a share, swinging from a loss in the
prior-year period as strength in its core North America market and
a return to profitability in Europe helped offset economic
turbulence in the emerging markets.
Revenue for the last quarter of 2015 climbed 12% to $40.3
billion, lifted by rising sales in three of the company's five
global regions. Operating profit for the just-ended quarter was
$2.6 billion, double the $1.3 billion earned in the same period in
2014. Adjusted earnings per share of 58 cents solidly beat Wall
Street expectations for 51 cents a share.
The company posted a record full-year operating profit of $10.8
billion, up 48% from the prior year and beating its original 2015
financial guidance.
Ford's North America operations, lifted by record U.S. industry
sales and strong demand for its lucrative pickup truck, posted a
fourth-quarter operating profit of $2 billion, up from $1.6 billion
in the fourth quarter a year ago, and a margin of 8.2%—several
percentage points lower than the record 12%-plus margin in the
second and third quarter.
Ford Chief Financial Officer Bob Shanks said last fall he
expects fourth-quarter profitability will be negatively affected by
higher seasonal costs and a $600 million charge related to a new
labor deal.
Write to Christina Rogers at christina.rogers@wsj.com
(END) Dow Jones Newswires
January 28, 2016 07:55 ET (12:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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